AMPLIFY ETF TRUST

Amplify High Income ETF YYY

Amplify Online Retail ETF IBUY

Amplify CWP Enhanced Dividend Income ETF DIVO

Amplify Transformational Data Sharing ETF BLOK

Amplify Lithium & Battery Technology ETF BATT

Amplify BlackSwan Growth & Treasury Core ETF SWAN

Amplify Emerging Markets FinTech ETF EMFQ

Amplify Seymour Cannabis ETF CNBS

Amplify BlackSwan ISWN ETF ISWN

Amplify Thematic All-Stars ETF MVPS

Amplify BlackSwan Tech & Treasury ETF QSWN

Amplify Inflation Fighter ETF IWIN

Amplify Natural Resources Dividend Income ETF NDIV

Amplify International Enhanced Dividend Income ETF IDVO

Amplify Cash Flow Dividend Leaders ETF COWS

Amplify Cash Flow High Income ETF HCOW

       

ANNUAL REPORT

October 31, 2023

 

       

Amplify ETF Trust

Table of Contents

   

MARKET PERFORMANCE

 

2

FUND PERFORMANCE

 

3

SCHEDULES OF INVESTMENTS

 

24

STATEMENTS OF ASSETS AND LIABILITIES

 

55

STATEMENTS OF OPERATIONS

 

59

STATEMENTS OF CHANGES IN NET ASSETS

 

63

FINANCIAL HIGHLIGHTS

 

79

NOTES TO THE FINANCIAL STATEMENTS

 

95

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

123

BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT

 

125

DISCLOSURE OF FUND EXPENSES

 

141

TRUSTEES AND OFFICERS OF THE TRUST

 

143

ADDITIONAL INFORMATION

 

145

SUPPLEMENTAL INFORMATION

 

147

PRIVACY POLICY

 

148

Amplify ETF Trust (the “Trust”) files its complete schedule of fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Part F of Form N-PORT within sixty days after the end of the period. The Trust’s Part F of Form N-PORT is available on the Commission’s website at www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Amplify Investments, LLC (the “Adviser”) uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-855-267-3837 and (ii) on the Commission’s website at www.sec.gov.

1

Amplify ETF Trust

 

Market Performance

October 31, 2023 (Unaudited)

A review of equity markets this year could perhaps best be described as “it was the best of times, it was the worst of times,” to quote Charles Dickens. In October of 2022 equity markets began to rebound after a miserable year, a rally that continued for the first half of 2023. The Federal Reserve (Fed) raised interest rates four times in 2023, but the economy showed surprising resilience to the higher rate regime and fears of a recession waned. Prices remained high for many goods, but the rate of inflation moderated, and consumers continued to spend. The equity market peaked on July 31, at which point the Standard & Poor's (S&P) 500 Index was up 19.5% for the year.

However, concerns over lackluster earnings, as well as the potential for slowing growth and lofty valuations sparked a sharp reversal. From August through October, equities declined for three straight months, at one point entering the technical definition of a correction of a 10% decline of the S&P 500 Index from its most recent high. Nonetheless, as of October 31, 2023, the S&P 500 Index was still up 9.2% for the year, and 17% from its low in October 2022.

A critical feature of equity markets this year was the concentration of returns. Most of the rise of the S&P 500 Index through July of 2023 – as well as the decline in late summer into early fall – was attributable to just seven stocks frequently referred to as the “Magnificent Seven” – Apple, Alphabet, Amazon, Meta, Microsoft, Nvidia and Tesla. Together, they account for around half of the weighting of the Nasdaq 100 and represent the largest combined weight of the top seven companies in the S&P 500 Index seen this century. Although they represent different aspects of the tech industry, including hardware, software, AI, social media and electric vehicles, that is still a major concentration, with significant portfolio construction implications. The severity of the market swing this year resulting from such a concentration of stocks in an index underscores yet again the importance of diversification.

The late summer swoon in stocks also coincided with a selloff in bonds as expectations grew that interest rates would remain high for some time, even with the Fed announcing a pause in rate hikes. Treasury yields rose sharply (when bond prices fall, yields rise), with most notably, the yield on a 10-year Treasury note hitting 5%, a significant milestone, although it has since fallen back somewhat. The rise in interest rates led to higher yields in cash investments, such as money market funds and certificates of deposit, reaching 5% in some cases. As a result, many investors decided to “de-risk” their portfolio and embrace the relative safety of cash investments, which offered decent returns for the first time in many years.

From a sector perspective, 2023 saw sectors associated with stronger economic conditions perform best, a reversal from what investors experienced in 2022. Communication Services and Technology led the pack with returns of 36.6% and 33.7%, respectively, while Consumer Discretionary was up 20%. Sectors most impacted by higher rates were the worst performers, with Utilities down 15.5% and Real Estate down 10.7%. Consumer Staples, a traditional “defensive” sector also lagged, declining 7.9%, while Energy was not able to repeat its 2022 success, when it was the only positive performing sector in the S&P 500 Index, falling 3% through October 31st, 2023.

Although investors were mostly focused on the economy and Federal Reserve rate hikes, geopolitical turmoil continued to weigh on investors’ minds. Concerns about the health of China’s real estate and banking sectors, and its potential impact on global growth, a bloody stalemate in the war in Ukraine, and, of course, the war in Israel, all contributed to geopolitical uncertainty. Still, the market impacts from those events have been relatively muted. Similarly, the US political situation, with the budget battles, potential government shutdowns, and the removal of the Speaker of the House, all dominated headlines, but had relatively little impact on markets.

Looking ahead to 2024, many of the drivers of returns this year – economic growth, the Fed, company earnings and stock valuations – are likely to continue. However, geopolitical concerns may become more top of mind for investors, particularly as we head into the US presidential election season, especially if it seems likely there will be a change in economic policy. The “best of times, worst of times” market environment could well persist in 2024.

Past performance does not guarantee future results.

Investing involves risk; Principal loss is possible. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Please see the Schedule of Investments for a complete list of Fund holdings.

S&P 500 Index: The S&P 500 is a market value weighted index and one of the common benchmarks for the U.S. stock market.

2

Amplify ETF Trust

Amplify High Income ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify High Income ETF (YYY or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the ISE High IncomeTM Index (the “Index”). The Fund will normally invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Index. Because the Index is comprised of securities issued by other investment companies (as opposed to operating companies), the Fund operates in a manner that is commonly referred to as a “fund of funds,” meaning that it invests its assets in shares of funds that are included in the Index.

The Fund had a NAV total return of 3.52%. The Index had a total return of 3.85%. The S&P 500 Index had a total return of 10.14%. The Fund invests in closed-end funds with exposure to a variety of asset classes. Across the asset classes, mixed allocation funds contributed 9.39%, fixed income funds contributed 5.04% followed by equity funds at 2.83%. The performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Five Year

 

Ten Year

 

Inception to
Date
(a)

Amplify High Income ETF – NAV

 

3.52%

 

0.73%

 

0.78%

 

1.96%

 

3.73%   

Amplify High Income ETF – Market Price

 

3.30%

 

0.59%

 

0.68%

 

1.89%

 

3.69%   

Hybrid SWM/ISE High Income Index(b)

 

3.85%

 

1.17%

 

1.27%

 

2.30%

 

3.98%   

ISE High Income Index

 

3.85%

 

1.17%

 

1.27%

 

2.30%

 

3.38%(c) 

S&P 500 Index

 

10.14%

 

10.36%

 

11.01%

 

11.18%

 

12.92%   

(a)   Fund commenced operations on June 11, 2012.

(b)   Reflects performance of Sustainable North American Oil Sands Index® through June 20, 2013 and ISE High Income Index thereafter.

(c)   This figure represents performance of the ISE High Income IndexTM after the change in the index strategy utilized by the Fund beginning on June 20, 2013, and not since inception.

3

Amplify ETF Trust

Amplify High Income ETF

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The Fund is the successor to the investment performance of the YieldShares High Income Fund (the “Predecessor High Income Fund”) as a result of the reorganization of the Predecessor High Income Fund into the Fund on October 7, 2019. Accordingly, the performance information shown in the chart and table above for periods prior to October 7, 2019 is that of the Predecessor High Income Fund’s Shares for the Fund. The Predecessor High Income Fund was managed by the same portfolio managers as the Fund and had substantially the same investment objectives, policies, and strategies as the Fund.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/YYY. Per the prospectus, the Fund's Total Expense Ratio was 2.72%. Prior to June 20, 2013, the Fund sought to provide investment results that, before fees and expenses, corresponded generally to the price and yield performance of the SWM Index. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

Amplify ETF Trust

Amplify Online Retail ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Online Retail ETF (IBUY or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Online Retail Index (the “Index”). The Index seeks to measure the performance of global equity securities of publicly traded companies with significant revenue from the online retail business. The Index methodology is designed to result in a portfolio that has the potential for capital appreciation.

The Fund had a NAV total return of 3.62%. The Index had a total return of 4.23%. The S&P 500 Index had a total return of 10.14%. During the fiscal year, the top three sectors for contribution to performance were Real Estate at 46.02%, Industrials at 13.29% and Consumer Staples at 11.03%. The sectors with the lowest contribution to performance were Communication Services at -0.34%, Financials at -19.91% and Health Care at -43.42%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Five Year

 

Inception to
Date(a)

Amplify Online Retail ETF – NAV

 

3.62%

 

-22.21% 

 

  -0.92% 

 

  7.09%

Amplify Online Retail ETF – Market Price

 

3.30%

 

-22.24% 

 

  -0.89% 

 

  7.07%

EQM Online Retail Index

 

4.23%

 

-21.95% 

 

  -0.67% 

 

  7.42%

S&P 500 Index

 

10.14%

 

10.36%

 

11.01%

 

11.62%

(a)   Fund commenced operations on April 19, 2016.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/IBUY. Per the prospectus, the Fund's Total Expense Ratio was 0.65%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify CWP Enhanced Dividend Income ETF (DIVO or the “Fund”) seeks to provide current income as its primary investment objective and to provide capital appreciation as its secondary investment objective. The Fund is actively managed and invests at least 80% of its net assets (plus borrowings for investment purposes) in dividend-paying U.S. exchange-traded equity securities and will opportunistically utilize an “option strategy” consisting of writing (selling) U.S. exchange-traded covered call option contracts on such equity securities.

The Fund had a NAV total return of 1.47%. The Fund is actively managed and does not track an index. The S&P 500 Index had a total return of 10.14%. The Dow Jones Industrial Average and Cboe S&P 500 BuyWrite Index had total returns of 0.98% and 7.27%, respectively. During the fiscal year, the top three sectors for contribution to performance were Information Technology at 32.79%, Financials at 7.27% and Consumer Staples at 5.51%. The sectors with the lowest contribution to performance were Materials at -6.37%, Energy at -11.41% and Industrials at -13.05%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Five Year

 

Inception to
Date(a)

Amplify CWP Enhanced Dividend Income ETF – NAV

 

1.47%

 

10.78%

 

9.84%

 

10.42%

Amplify CWP Enhanced Dividend Income ETF – Market Price

 

1.18%

 

10.66%

 

9.79%

 

10.40%

Cboe S&P 500 BuyWrite Index

 

7.27%

 

8.30%

 

3.85%

 

4.67%

Dow Jones Industrial Average

 

0.98%

 

7.64%

 

5.65%

 

7.64%

S&P 500 Index

 

10.14%

 

10.36%

 

11.01%

 

11.28%

(a)   Fund commenced operations on December 13, 2016.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/DIVO. Per the prospectus, the Fund's Total Expense Ratio was 0.55%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund changed its benchmark indices from the Cboe S&P 500 BuyWrite Index and Dow Jones Industrial Average to the S&P 500 Index.

6

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Transformational Data Sharing ETF (BLOK or the “Fund”) seeks to provide investors with total return. The Fund is an actively managed ETF investing in equity securities of companies actively involved in the development and utilization of blockchain technologies across a wide variety of industries that are leading in the research, development, utilization, and funding of blockchain-based transformational data sharing technologies.

The Fund had a NAV total return of 11.05%. The Fund is actively managed and does not track an index. The S&P 500 Index and MSCI AC World Index Net had total returns of 10.14% and 10.50%, respectively. During the fiscal year, the top three sectors for contribution to performance were Consumer Staples at 16.57%, Information Technology 16.34 and Financials at 3.01%. The sectors with the lowest contribution to performance were Communication Services at -12.94%, Consumer Discretionary at -18.73% and Energy at -21.04%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Five Year

 

Inception to
Date(a)

Amplify Transformational Data Sharing ETF – NAV

 

11.05%

 

-1.14%

 

 7.26%

 

3.77%

Amplify Transformational Data Sharing ETF – Market Price

 

 8.42%

 

-1.19%

 

 7.29%

 

3.79%

MSCI AC World Index Net

 

10.50%

 

6.68%

 

 7.47%

 

4.94%

S&P 500 Index

 

10.14%

 

10.36%

 

11.01% 

 

9.28%

(a)   Fund commenced operations on January 16, 2018.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/BLOK. Per the prospectus, the Fund's Total Expense Ratio was 0.75%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

7

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Lithium & Battery Technology ETF (BATT or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Lithium & Battery Technology Index (the “Index”). The Index seeks to provide exposure to global companies deriving material revenue associated with the development, production and use of lithium battery technology including: (1) the development and production of lithium battery technologies and/or battery storage solutions, (2) the exploration, production, development, processing, and/or recycling of the materials and metals used in lithium-ion batteries such as Lithium, Cobalt, Nickel, Manganese, Vanadium and/or Graphite, and/or (3) the development and production of electric vehicles. The Index is adjusted quarterly.

The Fund had a NAV total return of -18.52%. The Index had a total return of -18.65%. The S&P 500 Index had a total return of 10.14%. The Fund’s investments during the year were in four different sectors. During the fiscal year, the top two sectors for contribution to performance were Consumer Discretionary at -3.33% and Information Technology -18.28%. The sectors with the lowest contribution to performance were Materials at -20.64% and Industrials at -31.76%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Five Year

 

Inception to
Date(a)

Amplify Lithium & Battery Technology ETF – NAV

 

-18.52%

 

-0.98%

 

-3.17%

 

-10.53%

Amplify Lithium & Battery Technology ETF – Market Price

 

-18.02%

 

-0.98%

 

-3.13%

 

-10.47%

EQM Lithium & Battery Technology Index(b)

 

-18.65%

 

-0.86%

 

N/A

 

  -1.63%(c)

S&P 500 Index

 

 10.14%

 

10.36%

 

 11.01%

 

 10.02%

(a)   Fund commenced operations on June 4, 2018.

8

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Fund Performance

October 31, 2023 (Unaudited) (Continued)

(b)   On October 14, 2020, the Fund ceased being an actively-managed fund and began following the EQM Lithium & Battery Technology Index. Therefore, the Fund’s performance and historical returns shown for the periods prior to October 14, 2020 are not indicative of the performance that the Fund, based on its current index and investment objective, would have generated. Performance data is not available for all the periods shown in the table for the Index because performance data does not exist for some of the entire periods.

(c)   This figure represents performance of the EQM Lithium & Battery Technology Index after the change in the index strategy utilized by the Fund beginning on October 14, 2020, and not since inception. The Net Asset Value return for the period beginning on October 14, 2020 was -1.71%.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/BATT. Per the prospectus, the Fund's Total Expense Ratio was 0.59%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

9

Amplify ETF Trust

Amplify BlackSwan Growth & Treasury Core ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify BlackSwan Growth & Treasury Core ETF (SWAN or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S-Network BlackSwan Core Index (the “Index”). The Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the securities that comprise the Index, which will primarily include U.S. Treasury securities and long-dated call options (“LEAP Options”) on the SPDR S&P 500 ETF Trust (“SPY”).

The Fund had a NAV total return of -2.97%. The Index had a total return of -2.62%. The S&P 500 Index had a total return of 10.14%. During the year the Fund primarily held LEAPS and US Treasuries. The LEAPS returned -52.91% for the period while the Treasuries returned -1.35%. The performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Inception to
Date(a)

Amplify BlackSwan Growth & Treasury Core ETF – NAV

 

-2.97%

 

-5.85%

 

  1.50%

Amplify BlackSwan Growth & Treasury Core ETF – Market Price

 

-3.25%

 

-5.90%

 

  1.42%

S-Network BlackSwan Core Total Return Index

 

-2.62%

 

-5.24%

 

  2.30%

S&P 500 Index

 

10.14%

 

10.36%

 

10.82%

(a)   Fund commenced operations on November 5, 2018.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/SWAN. Per the prospectus, the Fund's Total Expense Ratio was 0.49%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

10

Amplify ETF Trust

Amplify Emerging Markets FinTech ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Emerging Markets FinTech ETF (EMFQ or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Emerging Markets Fintech Index (the “Index”). The Index seeks to measure the performance of equity securities (common stock and depositary receipts) issued by emerging market and frontier market companies that derive at least 50% of their revenue from financial technology (Fintech).

The Fund had a NAV total return of -0.59%. The Index had a total return of 0.34%. The S&P 500 Index had a total return of 10.14%. During the fiscal year, the top three sectors for contribution to performance were Industrials at 47.08%, Real Estate at 46.02% and Financials at 5.22%. The sectors with the lowest contribution to performance were Communication Services at -12.37%, Information Technology at -16.75% and Consumer Discretionary at -25.74%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Inception to
Date(a)

Amplify Emerging Markets FinTech ETF – NAV

 

 -0.59%

 

 -23.51%

 

 -6.01%  

Amplify Emerging Markets FinTech ETF – Market Price

 

 -0.50%

 

-23.67%

 

 -6.10%  

Hybrid EQM International Ecommerce/EQM Emerging Markets Fintech Index(b)

 

   0.34%

 

-23.22%

 

 -5.47%  

EQM Emerging Markets FinTech Index

 

  0.34%

 

     -8.44%(c)

 

  3.20%(c)

S&P 500 Index

 

10.14%

 

  10.36% 

 

12.12%  

MSCI Emerging Markets Index

 

10.80%

 

   -3.67%

 

  0.02%  

(a)   Fund commenced operations on January 29, 2019.

(b)   Reflects performance of EQM International Ecommerce Index through February 9, 2022 and EQM Emerging Markets FinTech Index thereafter.

(c)   This figure represents performance of the EQM Emerging Markets FinTech Index after the change in the index strategy utilized by the Fund beginning on February 9, 2022, and not during the previous 3 years or since inception.

The Fund changed its benchmark index from the S&P 500 Index to the MSCI Emerging Markets Index.

11

Amplify ETF Trust

Amplify Emerging Markets FinTech ETF

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/EMFQ. Per the prospectus, the Fund's Total Expense Ratio was 0.69%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

12

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Seymour Cannabis ETF (CNBS or the “Fund”) is an actively managed and seeks to provide investors capital appreciation by investing in the securities of global companies engaged in cannabis and hemp ecosystem across one of three classifications, which includes cannabis/hemp plant (pharmaceuticals/biotechnology, cultivation & retail, hemp products and cannabis-infused products), support (agricultural technology, real estate and commercial services), and ancillary (consumption devices/mechanisms, investing & finance, technology & media and other ancillary).

The Fund had a NAV total return of -46.60%. The Fund is actively managed and does not track an index. The S&P 500 Index had a total return of 10.14%. During the fiscal year, the top three sectors for contribution to performance were Financials at -18.30%, Real Estate at -30.99% and Health Care at -38.42%. The sectors with the lowest contribution to performance were Information Technology at -47.24%, Industrials at -61.30% and Consumer Staples at -68.00%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Three Year

 

Inception to
Date(a)

Amplify Seymour Cannabis ETF – NAV

 

-46.60%

 

-32.22%

 

-35.85%

Amplify Seymour Cannabis ETF – Market Price

 

-46.95%

 

-32.36%

 

-35.84%

S&P 500 Index

 

10.14%

 

  10.36%

 

  10.09%

(a)   Fund commenced operations on July 22, 2019.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/CNBS. Per the prospectus, the Fund's Gross Expense Ratio was 1.08% and the Net Expense Ratio was 0.75%. The Adviser has contractually agreed to waive the management fee until March 1, 2024. Performance would have been lower without fee waivers in effect. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

13

Amplify ETF Trust

Amplify BlackSwan ISWN ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify BlackSwan ISWN ETF (ISWN or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S-Network International BlackSwan Index (the “Index”). The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the securities that comprise the Index, which will primarily include U.S. Treasury securities and long-dated call options (“LEAP Options”) on the iShares MSCI EAFE ETF (“EFA”). The Index is a rules-based, quantitative index that seeks to provide capital protection against the unpredictable, rare and highly disruptive events that have come to be referred to as “Black Swans.”

The Fund had a NAV total return of -0.80%. The Index had a total return of -0.18%. The MSCI EAFE Index had a total return of 14.40%. During the year the Fund primarily held LEAPS and US Treasuries. The LEAPS returned 81.64% for the period while the Treasuries returned -1.36%. The performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Inception to
Date(a)

Amplify BlackSwan ISWN ETF – NAV

 

-0.80%

 

11.43%

Amplify BlackSwan ISWN ETF – Market Price

 

-0.78%

 

-11.43%

S-Network BlackSwan International Index

 

-0.18%

 

-10.83%

MSCI EAFE Net Index

 

14.40%

 

  -1.47%

(a)   Fund commenced operations on January 25, 2021.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/ISWN. Per the prospectus, the Fund's Total Expense Ratio was 0.49%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

14

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Thematic All-Stars ETF (MVPS or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the ETF All-Stars Thematic Composite Index (the “Index”). The Index seeks to provide access to the equity securities of a diversified basket of U.S. and non-U.S. companies that are owned by exchange-traded funds (“ETFs”) included in select “thematic” market segments: disruptive technology, evolving consumer, FinTech, health care innovation, industrial revolution, sustainability, and multi-theme.

The Fund had a NAV total return of 0.37%. The Index had a total return of 1.10%. The S&P 500 Index had a total return of 10.14%. During the fiscal year, the top three sectors for contribution to performance were Communication Services at 33.42%, Real Estate at 11.90% and Information Technology at 7.37%. The sectors with the lowest contribution to performance were Industrials at -23.22%, Utilities at -28.59% and Materials at -37.84%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Inception to
Date(a)

Amplify Thematic All-Stars ETF – NAV

 

0.37%

 

-17.49%

Amplify Thematic All-Stars ETF – Market Price

 

0.20%

 

-17.66%

ETF All-Stars Thematic Composite Index

 

1.10%

 

-16.98%

S&P 500 Index

 

10.14%

 

   0.25%

(a)   Fund commenced operations on July 20, 2021.

15

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/MVPS. Per the prospectus, the Fund's Total Expense Ratio was 0.49%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

16

Amplify ETF Trust

Amplify BlackSwan Tech & Treasury ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify BlackSwan Tech & Treasury ETF (QSWN or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S-Network BlackSwan Tech & Treasury Index (the “Index”). The Fund will invest at least 80% of its net assets in the securities that comprise the S-Network BlackSwan Tech & Treasury Index, which will primarily include U.S. Treasury securities and long-dated call options (“LEAP Options”) on the Invesco QQQ Trust, Series 1 (“QQQ”).

The Fund had a NAV total return of 5.25%. The Index had a total return of 5.76%. The Nasdaq 100 Index had a total return of 27.45%. During the year the Fund primarily held LEAPS and US Treasuries. The LEAPS returned 117.77% for the period while the Treasuries returned -1.35%. The performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Inception to
Date(a)

Amplify BlackSwan Tech & Treasury ETF – NAV

 

5.25%

 

-15.58%

Amplify BlackSwan Tech & Treasury ETF – Market Price

 

5.10%

 

-15.62%

S-Network BlackSwan Tech & Treasury Index

 

5.76%

 

-15.28%

Nasdaq 100 Total Return Index

 

27.45%

 

  -5.80%

(a)   Fund commenced operations on December 8, 2021.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/QSWN. Per the prospectus, the Fund's Total Expense Ratio was 0.49%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

17

Amplify ETF Trust

Amplify Inflation Fighter ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Inflation Fighter ETF (IWIN or the “Fund”) seeks to provide investors with long-term capital appreciation in inflation-adjusted terms. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing up to 80% of its net assets (plus borrowings for investment purposes) in portfolio holdings expected to benefit, either directly or indirectly, from rising prices (i.e., inflation).

The Fund had a NAV total return of 15.99%. The Fund is actively managed and does not track an index. The S&P 500 Index had a total return of 10.14%. During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 47.72%, Materials at 26.51% and Energy at 14.21%. The sectors with the lowest contribution to performance were Real Estate at -5.11%, Consumer Staples at -19.53% and Financials at -47.56%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Inception to
Date(a)

Amplify Inflation Fighter ETF – NAV(b)

 

15.99%

 

-2.67%

Amplify Inflation Fighter ETF – Market Price

 

16.07%

 

-2.67%

S&P 500 Index

 

10.14%

 

-2.93%

(a)   Fund commenced operations on February 1, 2022.

(b)   Return calculated using traded NAV.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/IWIN. Per the prospectus, the Fund's Total Expense Ratio was 0.92%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

18

Amplify ETF Trust

Amplify Natural Resources Dividend Income ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Natural Resources Dividend Income ETF (NDIV or the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Natural Resources Dividend Income Index (the “Index”). The Index is a gross total return index that seeks to provide investment exposure to dividend-paying equity securities of global companies operating primarily in the following natural resource, commodity-related industries: energy (oil, gas & consumable fuels), chemicals, agriculture, precious and industrial metals & mining, paper products, and timber.

The Fund had a NAV total return of 12.34 %. The Index had a total return of 13.22%. The MSCI AC World Index Ex USA Net Index had total a return of 12.07%. The Fund is concentrated in several sectors. During the fiscal year, the contribution to return across these sectors was Energy at 12.18%, Materials at -0.81% and Industrials at -38.78%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Inception to
Date(a)

Amplify Natural Resources Dividend Income ETF – NAV

 

12.34%

 

8.27%

Amplify Natural Resources Dividend Income ETF – Market Price

 

12.34%

 

8.31%

EQM Natural Resources Dividend Income Index

 

13.22%

 

9.40%

MSCI AC World Index Ex USA Net Index

 

12.07%

 

1.63%

MSCI AC World Index

 

10.50%

 

2.08%

(a)   Fund commenced operations on August 23, 2022.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/NDIV. Per the prospectus, the Fund's Total Expense Ratio was 0.59%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund changed its benchmark index from the MSCI AC World Index Ex USA Net Index to the MSCI AC World Index.

19

Amplify ETF Trust

Amplify International Enhanced Dividend Income ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify International Enhanced Dividend Income ETF (IDVO or the “Fund”) seeks to provide current income as its primary investment objective and to provide capital appreciation as its secondary investment objective. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in dividend-paying U.S. exchange-traded American depositary receipt (“ADR”) securities (“Equity Securities”) that are organized or located outside of the United States and will opportunistically utilize an “option strategy” consisting of writing (selling) U.S. exchange-traded covered call option contracts on such Equity Securities.

The Fund had a NAV total return of 14.59 %. The Fund is actively managed and does not track an index. The MSCI AC World Index ex USA Index had a total return of 12.07%. During the fiscal year, the top three sectors for contribution to performance were Materials at 33.08%, Energy at 28.77% and Health Care at 22.06%. The sectors with the lowest contribution to performance were Consumer Staples at 7.19%, Industrials at -2.26% and Utilities at -22.67%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

ANNUALIZED RETURNS

   

One Year

 

Inception to
Date(a)

Amplify International Enhanced Dividend Income ETF – NAV

 

14.59%

 

10.50%

Amplify International Enhanced Dividend Income ETF – Market Price

 

14.41%

 

10.46%

MSCI AC World Index Ex USA Net Index

 

12.07%

 

  6.28%

(a)   Fund commenced operations on September 7, 2022.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/IDVO. Per the prospectus, the Fund's Total Expense Ratio was 0.65%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

20

Amplify ETF Trust

Amplify Cash Flow Dividend Leaders ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Cash Flow Dividend Leaders ETF (COWS or the “Fund”) seeks investment results that generally track the total return performance (before fees and expenses) of the Kelly US Cash Flow Dividend Leaders Index (the “Index”). The Index uses an objective, rules-based methodology that comprises of at least 40 and up to 100 mid- to large-capitalization publicly traded equity securities of US companies exhibiting characteristics of high free cash flow and consistent dividend growth. A company’s “free cash flow” or “FCF” measures its cash flow from operations minus capital expenditures. The Index is reconstituted and rebalanced quarterly.

The Fund had a NAV total return of -6.94%. The Index had a total return of -6.96%. The S&P 500 Index had a total return of -5.85%. These returns are from the inception of the Fund on 9/12/23 through 10/31/23. During the since-inception period, the top three sectors for contribution to performance were Consumer Staples at 1.86%, Health Care at -2.62% and Communication Services at -4.34%. The sectors with the lowest contribution to performance were Industrials at -7.13%, Materials at -10.24% and Financials at -11.42%. Sector performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

TOTAL RETURN
FOR THE
PERIOD ENDED
OCTOBER 31, 2023

   

Inception to Date(a)

Amplify Cash Flow Dividend Leaders ETF – NAV

 

-6.94%

Amplify Cash Flow Dividend Leaders ETF – Market Price

 

-6.93%

Kelly US Cash Flow Dividend Leaders Index

 

-6.96%

S&P 500 Index

 

-5.85%

(a)   Fund commenced operations on September 12, 2023.

21

Amplify ETF Trust

Amplify Cash Flow Dividend Leaders ETF

Fund Performance

October 31, 2023 (Unaudited) (Continued)

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/COWS. Per the prospectus, the Fund's Gross Expense Ratio was 0.39% and the Net Expense Ratio was 0.00%. The Adviser has contractually agreed to waive the management fee until September 12, 2024. Performance would have been lower without fee waivers in effect. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

22

Amplify ETF Trust

Amplify Cash Flow High Income ETF

Fund Performance

October 31, 2023 (Unaudited)

The Amplify Cash Flow High Income ETF (HCOW or the “Fund”) seeks to provide investors with current income. The Fund is an actively managed ETF that seeks to achieve its investment objective by investing in shares of the Amplify Cash Flow Dividend Leaders ETF (the “COWS ETF”) and in a portfolio that seeks targeted rates of additional income pursuant to a “Call Income Strategy.” The Call Income Strategy provides investment exposure to daily sold call option contracts at strike prices above the then-current value of the S&P 500 Index and is designed to supplement the Fund’s investment in the COWS ETF, an exchange-traded fund investing in companies with high cash flows.

The Fund had a NAV total return of -5.18 %. The Fund is actively managed and does not track an index. The S&P 500 Index had a total return of -5.50%. These returns are from the inception of the Fund on 9/19/23 through 10/31/23. During the since-inception period, the Funds position in COWS contributed -5.37% and the Call Income Strategy contributed 0.92%. These performance numbers reflect their total return during the period.

Growth of a $10,000 Investment

(at Net Asset Value)

 

TOTAL RETURN
FOR THE
PERIOD ENDED
OCTOBER 31, 2023

   

Inception to Date(a)

Amplify Cash Flow High Income ETF – NAV

 

-5.18%

Amplify Cash Flow High Income ETF – Market Price

 

-5.17%

S&P 500 Index

 

-5.50%

(a)   Fund commenced operations on September 19, 2023.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/HCOW. Per the prospectus, the Fund's Total Expense Ratio was 0.65%. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

23

Amplify ETF Trust

Amplify High Income ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

INVESTMENT COMPANIES — 99.5%

     

 

 

Equity — 10.2%

     

 

 

Aberdeen Total Dynamic
Dividend Fund

 

1,256,862

 

$

9,124,818

John Hancock Premium
Dividend Fund

 

186,621

 

 

1,785,963

Kayne Anderson Energy Infrastructure Fund(a)

 

1,220,006

 

 

9,686,848

Liberty All-Star Equity Fund(a)

 

1,077,393

 

 

6,281,201

MainStay CBRE Global Infrastructure Megatrends Term Fund

 

719,490

 

 

7,943,170

       

 

34,822,000

Fixed Income — 89.3%

     

 

 

Aberdeen Asia-Pacific Income
Fund, Inc.

 

3,152,208

 

 

7,533,777

AllianceBernstein Global High Income Fund, Inc.

 

499,325

 

 

4,638,729

BlackRock Corporate High Yield Fund, Inc.

 

980,125

 

 

8,262,454

BlackRock Credit Allocation Income Trust

 

230,148

 

 

2,121,965

BlackRock Resources & Commodities Strategy Trust

 

782,738

 

 

6,747,202

BlackRock Taxable Municipal
Bond Trust

 

100,585

 

 

1,504,752

Blackstone Strategic Credit 2027 Term Fund

 

976,202

 

 

10,386,789

Cohen & Steers Quality Income Realty Fund, Inc.

 

454,915

 

 

4,330,791

Cohen & Steers Tax-Advantaged Preferred Securities & Income
Fund(a)

 

341,087

 

 

5,733,672

DoubleLine Income Solutions Fund(a)

 

284,791

 

 

3,115,613

DoubleLine Yield Opportunities Fund

 

403,388

 

 

5,728,110

Eagle Point Credit Co., Inc.(a)

 

1,398,818

 

 

13,092,936

Eaton Vance Ltd. Duration
Income Fund

 

1,161,296

 

 

10,080,049

First Trust High Yield Opportunities 2027 Term Fund

 

265,727

 

 

3,403,963

First Trust Intermediate Duration Preferred & Income Fund

 

597,550

 

 

8,503,136

Description

 

Shares

 

Value

Flaherty & Crumrine Preferred and Income Securities Fund, Inc.

 

250,733

 

$

3,146,699

FS Credit Opportunities Corp.

 

1,844,935

 

 

10,054,896

Guggenheim Active Allocation
Fund/DE

 

282,365

 

 

3,696,158

Highland Opportunities and Income Fund

 

889,158

 

 

6,490,853

Invesco Senior Income Trust

 

2,971,888

 

 

11,590,363

Nuveen AMT-Free Municipal Credit Income Fund

 

826,039

 

 

8,285,171

Nuveen California Quality Municipal Income Fund

 

575,123

 

 

5,394,654

Nuveen Credit Strategies Income Fund

 

2,080,321

 

 

10,172,770

Nuveen Floating Rate Income Fund/Closed-end Fund

 

1,328,839

 

 

10,404,809

Nuveen Municipal Credit
Income Fund

 

594,366

 

 

6,003,097

Nuveen Preferred & Income Opportunities Fund(a)

 

1,668,862

 

 

10,113,304

Nuveen Preferred & Income Securities Fund(a)

 

1,581,779

 

 

9,411,585

Nuveen Quality Municipal
Income Fund

 

377,053

 

 

3,698,890

Oxford Lane Capital Corp.(a)

 

2,742,243

 

 

12,998,232

PGIM Global High Yield Fund, Inc.

 

968,367

 

 

10,041,966

PIMCO Access Income Fund

 

800,123

 

 

10,425,603

PIMCO Corporate & Income Opportunity Fund

 

806,898

 

 

10,328,294

Pimco Dynamic Income Fund

 

694,636

 

 

11,350,352

PIMCO Dynamic Income Opportunities Fund

 

938,977

 

 

10,272,408

PIMCO High Income Fund

 

1,684,197

 

 

7,242,047

PIMCO Income Strategy Fund II

 

430,519

 

 

2,673,523

Thornburg Income Builder Opportunities Trust

 

538,986

 

 

7,540,414

Western Asset Diversified
Income Fund

 

792,244

 

 

9,839,670

Western Asset Emerging Markets Debt Fund, Inc.

 

1,063,184

 

 

8,569,263

Western Asset Inflation-Linked Opportunities & Income Fund

 

1,154,715

 

 

9,457,116

       

 

304,386,075

Total Investment Companies
(Cost $419,093,171)

     

 

339,208,075

       

 

 

MONEY MARKET FUNDS — 0.1%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(b)

 

571,526

 

 

571,526

Total Money Market Funds
(Cost $571,526)

     

 

571,526

The accompanying notes are an integral part of the financial statements.

24

Amplify ETF Trust

Amplify High Income ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(b)

 

7,804,375

 

$

7,804,375

Total Investments Purchased with Proceeds from Securities Lending
(Cost $7,804,375)

     

 

7,804,375

       

 

 

Total Investments — 101.9%
(Cost $427,469,072)

     

$

347,583,976

Percentages are based on Net Assets of $340,947,275.

(a)  All or a portion of this security is out on loan as of October 31, 2023. Total value of securities out on loan is $7,660,967 or 2.2% of net assets.

(b)  Seven-day yield as of October 31, 2023.

The accompanying notes are an integral part of the financial statements.

25

Amplify ETF Trust

Amplify Online Retail ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 99.9%

     

 

 

Omnichannel — 10.6%

     

 

 

Apple, Inc.

 

5,752

 

$

982,269

Best Buy Co., Inc.

 

13,291

 

 

888,104

Dick’s Sporting Goods, Inc.

 

8,279

 

 

885,439

Gap, Inc.

 

109,714

 

 

1,404,339

H & M Hennes & Mauritz AB

 

29,854

 

 

399,303

Industria de Diseno Textil SA

 

13,171

 

 

453,625

Kohl’s Corp.

 

40,319

 

 

909,193

Kroger Co.

 

23,089

 

 

1,047,548

Lululemon Athletica, Inc.(a)

 

1,365

 

 

537,100

Macy’s, Inc.

 

68,333

 

 

832,296

Next PLC

 

5,555

 

 

464,796

NIKE, Inc. - Class B

 

10,317

 

 

1,060,278

Nordstrom, Inc.

 

49,703

 

 

694,848

Tapestry, Inc.

 

26,460

 

 

729,238

Target Corp.

 

8,254

 

 

914,461

The Home Depot, Inc.

 

3,377

 

 

961,398

Ulta Beauty, Inc.(a)

 

2,476

 

 

944,124

Walmart, Inc.

 

6,975

 

 

1,139,785

Williams-Sonoma, Inc.

 

8,079

 

 

1,213,789

       

 

16,461,933

Marketplace — 38.5%

     

 

 

Adevinta ASA(a)

 

223,810

 

 

1,964,432

Affirm Holdings, Inc.(a)

 

259,000

 

 

4,560,990

Alibaba Group Holding Ltd.(a)

 

131,000

 

 

1,340,091

BigCommerce Holdings, Inc.(a)

 

427,673

 

 

3,802,013

Copart, Inc.(a)

 

96,290

 

 

4,190,541

Coupang, Inc.(a)

 

250,612

 

 

4,260,404

Dada Nexus Ltd. - ADR(a)

 

281,844

 

 

1,082,281

Delivery Hero SE(a)(c)

 

35,384

 

 

897,432

DoorDash, Inc. - Class A(a)

 

49,462

 

 

3,707,177

Etsy, Inc.(a)

 

44,458

 

 

2,769,733

Fiverr International Ltd.(a)(b)

 

57,828

 

 

1,224,219

Global-e Online Ltd.(a)

 

38,129

 

 

1,338,709

JD.com, Inc.

 

82,900

 

 

1,057,272

KE Holdings, Inc. - ADR

 

91,792

 

 

1,350,260

Liquidity Services, Inc.(a)

 

251,055

 

 

4,837,830

Meituan(a)(c)

 

91,300

 

 

1,290,410

Description

 

Shares

 

Value

MercadoLibre, Inc.(a)

 

1,366

 

$

1,694,851

Ozon Holdings PLC - ADR(a)(b)

 

106,678

 

 

PayPal Holdings, Inc.(a)

 

59,084

 

 

3,060,551

PDD Holdings, Inc. - ADR(a)

 

18,878

 

 

1,914,607

Sea Ltd. - ADR(a)

 

26,475

 

 

1,104,008

Shopify, Inc. - Class A(a)

 

24,946

 

 

1,177,202

Uber Technologies, Inc.(a)

 

91,298

 

 

3,951,377

Upwork, Inc.(a)

 

421,326

 

 

4,402,857

Vivid Seats, Inc. - Class A(a)

 

524,058

 

 

3,081,461

       

 

60,060,708

Traditional Retail — 39.2%

     

 

 

1-800-Flowers.com, Inc. - Class A(a)

 

526,660

 

 

3,955,217

Allegro.eu SA(a)(c)

 

185,234

 

 

1,325,911

Amazon.com, Inc.(a)

 

33,184

 

 

4,416,459

ASKUL Corp.

 

113,500

 

 

1,465,410

ASOS PLC(a)

 

311,080

 

 

1,495,017

Carvana Co.(a)(b)

 

105,176

 

 

2,839,752

Chegg, Inc.(a)

 

430,275

 

 

3,239,971

Chewy, Inc. - Class A(a)

 

130,097

 

 

2,514,775

eBay, Inc.

 

97,469

 

 

3,823,709

Farfetch Ltd. - Class A(a)(b)

 

303,848

 

 

455,772

Figs, Inc. - Class A(a)

 

595,153

 

 

3,279,293

HelloFresh SE(a)

 

56,500

 

 

1,229,132

Hims & Hers Health, Inc.(a)

 

505,989

 

 

3,025,814

IAC, Inc.(a)

 

64,380

 

 

2,739,369

iQIYI, Inc. - ADR(a)

 

285,883

 

 

1,332,215

Jade Group, Inc./Japan(a)

 

132,800

 

 

1,264,261

Netflix, Inc.(a)

 

10,304

 

 

4,242,054

Ocado Group PLC(a)

 

131,112

 

 

741,503

Oisix ra daichi, Inc.(a)(b)

 

97,100

 

 

730,292

Overstock.com, Inc.(a)

 

121,512

 

 

1,895,587

Revolve Group, Inc.(a)

 

227,557

 

 

3,128,909

Shutterstock, Inc.

 

85,504

 

 

3,478,303

Spotify Technology SA(a)

 

11,039

 

 

1,818,786

Vipshop Holdings Ltd. - ADR(a)

 

94,056

 

 

1,341,238

Wayfair, Inc. - Class A(a)

 

61,919

 

 

2,638,369

Zalando SE(a)(c)

 

46,278

 

 

1,076,779

ZOZO, Inc.

 

80,100

 

 

1,509,521

       

 

61,003,418

Travel — 11.6%

     

 

 

Airbnb, Inc. - Class A(a)

 

28,656

 

 

3,389,718

Booking Holdings, Inc.(a)

 

1,441

 

 

4,019,756

Expedia Group, Inc.(a)

 

35,819

 

 

3,413,192

MakeMyTrip Ltd.(a)

 

56,650

 

 

2,194,054

Trip.com Group Ltd.(a)

 

41,400

 

 

1,422,104

TripAdvisor, Inc.(a)

 

244,429

 

 

3,607,771

       

 

18,046,595

Total Common Stocks
(Cost $260,201,03
7)

     

 

155,572,654

The accompanying notes are an integral part of the financial statements.

26

Amplify ETF Trust

Amplify Online Retail ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

MONEY MARKET FUNDS — 0.2%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(d)

 

276,504

 

$

276,504

Total Money Market Funds
(Cost $276,50
4)

     

 

276,504

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDS — 2.6%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(d)

 

4,133,342

 

 

4,133,342

Total Investments Purchased with Proceeds from Securities Lending
(Cost $4,133,342)

     

 

4,133,342

       

 

 

Total Investments — 102.7%
(Cost $264,610,883)

     

$

159,982,500

Percentages are based on Net Assets of $155,740,639.

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  All or a portion of this security is out on loan as of October 31, 2023. Total value of the securities out on loan is $2,250,920 or 1.4% of net assets.

(c)  Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $4,590,532, or 2.9% of net assets.

(d)  Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

27

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 86.6%

     

 

 

Communication Services — 2.2%

     

 

 

Verizon Communications, Inc.

 

1,748,188

 

$

61,413,844

       

 

 

Consumer Discretionary — 8.6%

     

 

 

Home Depot, Inc.

 

382,065

 

 

108,770,085

McDonald’s Corp.(a)

 

517,970

 

 

135,796,195

       

 

244,566,280

Consumer Staples — 13.7%

     

 

 

Coca-Cola Co.(a)

 

2,078,506

 

 

117,414,804

Procter & Gamble Co.

 

1,023,814

 

 

153,602,814

Walmart, Inc.(a)

 

726,097

 

 

118,651,511

       

 

389,669,129

Energy — 10.7%

     

 

 

Chevron Corp.

 

951,208

 

 

138,619,542

ConocoPhillips

 

492,684

 

 

58,530,859

Schlumberger NV

 

1,914,834

 

 

106,579,660

       

 

303,730,061

Financials — 14.5%

     

 

 

Goldman Sachs Group, Inc.

 

414,880

 

 

125,961,717

JPMorgan Chase & Co.(a)

 

963,438

 

 

133,975,688

Visa, Inc. - Class A

 

645,745

 

 

151,814,650

       

 

411,752,055

Health Care — 12.6%

     

 

 

Johnson & Johnson

 

525,136

 

 

77,898,674

Merck & Co., Inc.(a)

 

1,072,640

 

 

110,160,128

UnitedHealth Group, Inc.

 

315,451

 

 

168,942,938

       

 

357,001,740

Industrials — 7.6%

     

 

 

Caterpillar, Inc.

 

111,799

 

 

25,272,164

Deere & Co.

 

232,765

 

 

85,043,020

United Parcel Service, Inc. - Class B(a)

 

753,043

 

 

106,367,324

       

 

216,682,508

Description

 

Shares

 

Value

Information Technology — 12.9%

     

 

 

Apple, Inc.(a)

 

843,924

 

$

144,116,901

Cisco Systems, Inc.

 

1,157,983

 

 

60,365,654

Microsoft Corp.(a)

 

479,381

 

 

162,083,510

       

 

366,566,065

Materials — 1.8%

     

 

 

Freeport-McMoRan, Inc.

 

1,486,045

 

 

50,198,600

       

 

 

Utilities — 2.0%

     

 

 

Duke Energy Corp.(a)

 

656,940

 

 

58,395,397

Total Common Stocks
(Cost $2,424,051,732)

     

 

2,459,975,679

       

 

 

MONEY MARKET FUNDS — 13.4%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(b)

 

379,704,068

 

 

379,704,068

Total Money Market Funds
(Cost $379,704,068)

     

 

379,704,068

       

 

 

Total Investments — 100.0%
(Cost $2,803,755,800)

     

$

2,839,679,747

Percentages are based on Net Assets of $2,840,052,774.

(a)  All or portion of this security is held as collateral for the options written. At October 31, 2023, the value of these securities amounted to $5,683,962 or 0.2% of net assets.

(b)  Seven-day yield as of October 31, 2023.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

28

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Schedule of Options Written

October 31, 2023

 

 

Contracts

 

Notional
Amount

 

Value

CALL OPTIONS WRITTEN(a) — (1.0)%

     

 

 

 

 

 

 

 

Apple, Inc., Expires 11/03/2023, Strike Price $180.00

 

8,000

 

$

(136,616,000

)

 

$

(296,000

)

Coca-Cola Co., Expires 11/17/2023, Strike Price $58.00

 

1,500

 

 

(8,473,500

)

 

 

(38,250

)

Duke Energy Corp., Expires 11/17/2023, Strike Price $95.00

 

1,000

 

 

(8,889,000

)

 

 

(12,500

)

JPMorgan Chase & Co., Expires 11/10/2023, Strike Price $152.50

 

5,000

 

 

(69,530,000

)

 

 

(10,000

)

McDonald’s Corp., Expires 11/17/2023, Strike Price $280.00

 

1,200

 

 

(31,460,400

)

 

 

(16,800

)

Merck & Co., Inc., Expires 11/17/2023, Strike Price $108.00

 

4,500

 

 

(46,215,000

)

 

 

(110,250

)

Microsoft Corp., Expires 11/03/2023, Strike Price $355.00

 

3,750

 

 

(126,791,250

)

 

 

(30,000

)

United Parcel Service, Inc., Expires 11/03/2023, Strike Price $135.00

 

3,000

 

 

(42,375,000

)

 

 

(1,950,000

)

Walmart, Inc., Expires 11/17/2023, Strike Price $170.00

 

6,000

 

 

(98,046,000

)

 

 

(681,000

)

       

 

 

 

 

 

 

 

Total Call Options Written

     

 

 

 

 

 

 

 

(Premiums Received $6,123,614)

     

 

 

 

 

$

(3,144,800

)

(a)  Exchange Traded.

The accompanying notes are an integral part of the financial statements.

29

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 91.6%

     

 

 

Banks — 7.5%

     

 

 

Customers Bancorp, Inc.(a)

 

308,724

 

$

12,413,792

DBS Group Holdings Ltd.

 

250,036

 

 

5,999,111

NU Holdings Ltd. - Class A(a)

 

1,660,358

 

 

13,614,935

       

 

32,027,838

Consumer Discretionary Distribution — 5.6%

     

 

 

Alibaba Group Holding Ltd. - ADR(a)

 

51,948

 

 

4,287,788

MercadoLibre, Inc.(a)

 

4,037

 

 

5,008,867

Overstock.com, Inc.(a)

 

934,364

 

 

14,576,078

       

 

23,872,733

Consumer Staples Distribution & Retail — 0.8%

     

 

 

Walmart, Inc.

 

20,472

 

 

3,345,330

       

 

 

Financial Services — 30.6%

     

 

 

BlackRock, Inc.

 

6,700

 

 

4,102,276

Block, Inc.(a)

 

225,762

 

 

9,086,920

CME Group, Inc.

 

70,347

 

 

15,016,271

Coinbase Global, Inc. - Class A(a)

 

268,788

 

 

20,728,931

Franklin Resources, Inc.

 

263,440

 

 

6,003,798

Galaxy Digital Holdings Ltd.(a)(b)

 

4,206,442

 

 

19,109,850

Mastercard, Inc. - Class A

 

18,151

 

 

6,831,129

Mogo, Inc.(a)(b)

 

1,361,987

 

 

1,552,665

PayPal Holdings, Inc.(a)

 

239,020

 

 

12,381,236

Robinhood Markets, Inc. - Class A(a)

 

376,557

 

 

3,441,731

SBI Holdings, Inc.

 

897,057

 

 

19,098,156

Visa, Inc. - Class A

 

26,213

 

 

6,162,676

WisdomTree, Inc.

 

1,155,215

 

 

7,162,333

       

 

130,677,972

Description

 

Shares

 

Value

Media & Entertainment — 4.1%

 

 

   

 

 

ROBLOX Corp. - Class A(a)

 

 

343,618

 

$

10,930,489

Z Holdings Corp.

 

 

2,653,925

 

 

6,693,686

   

 

   

 

17,624,175

Semiconductors & Semiconductor Equipment — 3.5%

 

 

   

 

 

Advanced Micro Devices, Inc.(a)

 

 

79,355

 

 

7,816,468

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

 

80,501

 

 

6,948,041

   

 

   

 

14,764,509

Software & Services — 36.0%

 

 

   

 

 

Accenture PLC - Class A

 

 

41,843

 

 

12,431,137

BIGG Digital Assets, Inc.(a)(b)

 

 

4,232,385

 

 

518,843

Bitfarms Ltd.(a)(b)

 

 

7,578,825

 

 

8,033,800

Bitfarms Ltd.(a)(b)

 

 

3,772,038

 

 

3,960,640

Cipher Mining, Inc.(a)(b)

 

 

1,000,000

 

 

3,330,000

Cleanspark, Inc.(a)

 

 

3,559,541

 

 

14,594,118

Digital Garage, Inc.

 

 

419,482

 

 

8,302,464

GMO internet group, Inc.

 

 

946,252

 

 

13,624,905

Hive Digital Technologies Ltd.(a)(b)

 

 

2,582,611

 

 

7,902,790

Hive Digital Technologies Ltd.(a)(b)

 

 

895,486

 

 

2,744,414

Hut 8 Mining Corp.(a)(b)

 

 

5,754,296

 

 

12,448,450

International Business Machines Corp.

 

 

72,151

 

 

10,435,921

Marathon Digital Holdings, Inc.(a)(b)

 

 

1,177,436

 

 

10,373,211

MicroStrategy, Inc.(a)(b)

 

 

51,692

 

 

21,885,876

Opera Ltd. - ADR(b)

 

 

441,238

 

 

5,109,536

Oracle Corp.

 

 

60,570

 

 

6,262,938

Riot Platforms, Inc.(a)(b)

 

 

1,221,085

 

 

11,942,211

   

 

   

 

153,901,254

Technology Hardware & Equipment — 3.5%

 

 

   

 

 

Canaan, Inc. - ADR(a)(b)

 

 

2,670,724

 

 

5,127,790

Cisco Systems, Inc.

 

 

76,275

 

 

3,976,216

CompoSecure, Inc.(a)(b)

 

 

986,432

 

 

5,948,185

   

 

   

 

15,052,191

Total Common Stocks
(Cost $686,123,365)

 

 

   

 

391,266,002

   

 

   

 

 
   

 

Par Value

 

 

 

CONVERTIBLE BONDS — 1.7%

 

 

   

 

 

Core Scientific, Inc. 4.000% Cash and 6.000% PIK, 04/19/2025(a)(c)(d)

 

$

28,320,319

 

 

7,238,673

Total Convertible Bonds
(Cost $28,310,456)

 

 

   

 

7,238,673

   

 

   

 

 

CORPORATE BONDS — 0.4%

 

 

   

 

 

MicroStrategy, Inc. 6.125%, 06/15/2028(a)(e)

 

 

2,000,000

 

 

1,814,000

Total Corporate Bonds
(Cost $1,561,461)

 

 

   

 

1,814,000

The accompanying notes are an integral part of the financial statements.

30

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

EXCHANGE TRADED FUNDS — 4.8%

     

 

 

3iQ Bitcoin ETF(a)

 

320,578

 

$

1,791,584

Bitcoin ETF(a)

 

154,933

 

 

1,944,409

CI Galaxy Bitcoin ETF(a)

 

1,159,768

 

 

7,526,895

Purpose Bitcoin ETF(a)

 

1,470,396

 

 

9,204,679

Total Exchange Traded Funds (Cost $25,010,945)

     

 

20,467,567

       

 

 

MONEY MARKET FUNDS — 2.9%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(f)

 

12,235,878

 

 

12,235,878

Total Money Market Funds
(Cost $12,235,878)

     

 

12,235,878

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.1%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(f)

 

68,724,738

 

 

68,724,738

Total Investments Purchased with Proceeds from Securities Lending
(Cost $68,724,738)

     

 

68,724,738

       

 

 

Total Investments — 117.5%
(Cost $821,966,843)

     

$

501,746,858

Percentages are based on Net Assets of $427,074,600.

ADR - American Depositary Receipt.

PIK - Payment In-Kind.

(a)  Non-income producing security.

(b)  All or a portion of this security is out on loan as of October 31, 2023. Total value of securities out on loan is $64,143,292 or 15.0% of net assets.

(c)   The Fund has fair valued this security. Value determined using significant unobservable inputs.

(d)  Restricted. Acquired on September 24, 2021. Item identified as in default as to the payment of interest.

(e)   Security exempt from registration under Rule 144(a) of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $1,814,000 or 0.4% of net assets.

(f)   Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

31

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 99.5%

     

 

 

Consumer Discretionary — 27.4%

     

 

 

BAIC Motor Corp. Ltd. - Class H(a)

 

1,868,742

 

$

544,485

BYD Co. Ltd.

 

237,241

 

 

7,197,344

CALB Group Co. Ltd.(a)(b)

 

281,191

 

 

661,182

Canoo, Inc.(b)(c)

 

591,848

 

 

162,226

EVgo, Inc.(b)(c)

 

137,459

 

 

283,853

Faraday Future Intelligent
Electric, Inc.(b)(c)

 

15,215

 

 

16,128

Fisker, Inc.(b)(c)

 

80,201

 

 

360,904

Li Auto, Inc. - ADR(b)

 

86,532

 

 

2,925,647

Lucid Group, Inc.(b)(c)

 

218,060

 

 

898,407

NIO, Inc. - ADR(b)(c)

 

151,718

 

 

1,107,541

Niu Technologies - ADR(b)

 

92,638

 

 

200,098

Panasonic Holdings Corp.

 

224,850

 

 

1,941,802

Polestar Automotive Holding UK PLC - ADR (b) (c)

 

234,002

 

 

470,344

QuantumScape Corp.(b)(c)

 

61,253

 

 

319,741

Rivian Automotive, Inc. - Class A(b)

 

83,571

 

 

1,355,522

Sebang Global Battery Co. Ltd.

 

10,862

 

 

396,905

Solid Power, Inc.(b)(c)

 

139,328

 

 

183,913

Tesla, Inc.(b)

 

41,803

 

 

8,395,715

Description

 

Shares

 

Value

Tianneng Power International Ltd.

 

408,319

 

$

368,389

Workhorse Group, Inc.(b)(c)

 

293,069

 

 

122,239

XPeng, Inc. - ADR(b)(c)

 

82,993

 

 

1,201,739

Yadea Group Holdings Ltd.(a)

 

388,872

 

 

710,632

Zhejiang Leapmotor
Technology Ltd.(a)(b)

 

145,209

 

 

502,880

       

 

30,327,636

Industrials — 23.1%

     

 

 

Advanced Energy Solution Holding Co. Ltd.

 

31,249

 

 

590,585

Blink Charging Co.(b)(c)

 

85,830

 

 

204,275

ChargePoint Holdings, Inc.(b)

 

83,947

 

 

213,225

Contemporary Amperex
Technology Co. Ltd.

 

335,152

 

 

8,500,049

Ecopro BM Co. Ltd.

 

8,915

 

 

1,295,119

EnerSys

 

7,703

 

 

659,223

Enovix Corp.(b)(c)

 

35,380

 

 

315,236

Eos Energy Enterprises, Inc.(b)(c)

 

205,137

 

 

361,041

ESS Tech, Inc.(b)(c)

 

285,368

 

 

342,442

Eve Energy Co. Ltd.

 

216,399

 

 

1,372,657

FREYR Battery SA(b)(c)

 

70,791

 

 

227,239

FuelCell Energy, Inc.(b)(c)

 

273,876

 

 

298,525

GS Yuasa Corp.

 

30,825

 

 

489,397

Hydro Lithium, Inc.(b)

 

25,267

 

 

196,815

Hyliion Holdings Corp.(b)

 

292,311

 

 

174,305

Hyzon Motors, Inc.(b)(c)

 

279,257

 

 

217,820

Kempower Oyj(b)(c)

 

14,971

 

 

468,571

LG Energy Solution Ltd.(b)

 

18,682

 

 

5,332,576

Li-Cycle Holdings Corp.(b)(c)

 

96,669

 

 

129,536

Microvast Holdings, Inc.(b)(c)

 

200,793

 

 

246,975

Nikola Corp.(b)(c)

 

211,048

 

 

227,932

Plug Power, Inc.(b)(c)

 

84,002

 

 

494,772

Shin Heung Energy & Electronics Co. Ltd.

 

13,634

 

 

367,968

Sociedad Quimica y Minera de Chile SA - ADR(c)

 

26,999

 

 

1,306,752

The Lion Electric Co.(b)(c)

 

208,822

 

 

327,851

Varta AG(b)(c)

 

25,566

 

 

516,411

Vitzrocell Co. Ltd.

 

34,632

 

 

434,647

Wallbox NV(b)(c)

 

140,257

 

 

220,203

       

 

25,532,147

Information Technology — 8.4%

     

 

 

L&F Co. Ltd.

 

5,351

 

 

516,656

Lotte Energy Materials Corp.

 

15,291

 

 

435,899

NAURA Technology Group Co. Ltd.

 

52,937

 

 

1,851,829

NEC Corp.

 

30,439

 

 

1,446,894

Phoenix Silicon International Corp.(b)

 

309,970

 

 

466,365

Samsung SDI Co. Ltd.

 

6,122

 

 

1,928,778

Simplo Technology Co. Ltd.

 

64,843

 

 

666,722

SolarEdge Technologies, Inc.(b)

 

6,377

 

 

484,333

TDK Corp.

 

42,026

 

 

1,541,023

       

 

9,338,499

The accompanying notes are an integral part of the financial statements.

32

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

Materials — 40.6%

     

 

 

African Rainbow Minerals Ltd.

 

68,730

 

$

566,361

Albemarle Corp.

 

11,313

 

 

1,434,262

Allkem Ltd.(b)

 

98,038

 

 

593,295

Alpha HPA Ltd.(b)

 

718,801

 

 

351,097

American Lithium Corp.(b)

 

296,384

 

 

359,059

AMG Critical Materials NV

 

15,128

 

 

393,451

Aneka Tambang Tbk

 

5,514,566

 

 

591,900

Argosy Minerals Ltd.(b)

 

2,472,718

 

 

250,970

BHP Group Ltd. - ADR

 

184,611

 

 

10,533,904

Chalice Mining Ltd.(b)

 

155,055

 

 

176,063

CMOC Group Ltd. - Class H

 

2,753,524

 

 

1,639,746

Core Lithium Ltd.(b)(c)

 

1,285,180

 

 

293,491

Critical Elements Lithium Corp.(b)(c)

 

397,129

 

 

398,060

Eramet SA

 

8,383

 

 

578,771

First Quantum Minerals Ltd.

 

69,966

 

 

810,783

Ganfeng Lithium Co. Ltd. - Class H(a)

 

263,721

 

 

945,321

Glencore PLC

 

1,072,963

 

 

5,674,938

IGO Ltd.

 

116,078

 

 

700,259

ioneer Ltd.(b)

 

2,682,493

 

 

238,229

Ivanhoe Electric, Inc.(b)(c)

 

38,663

 

 

395,909

Jinchuan Group International Resources Co. Ltd.

 

9,828,762

 

 

596,615

Johnson Matthey PLC

 

35,720

 

 

648,634

Leo Lithium Ltd.(b)(d)

 

742,011

 

 

237,700

Liontown Resources Ltd.(b)

 

428,859

 

 

437,994

Lithium Americas Argentina Corp.(b)

 

36,449

 

 

201,596

Livent Corp.(b)

 

34,590

 

 

504,668

Lundin Mining Corp.

 

113,850

 

 

710,972

Mineral Resources Ltd.

 

24,975

 

 

915,084

MMC Norilsk Nickel PJSC - ADR(b)(d)

 

182,937

 

 

MP Materials Corp.(b)

 

34,984

 

 

573,738

Nickel Industries Ltd.

 

1,133,632

 

 

535,743

Patriot Battery Metals, Inc.(b)(c)

 

54,766

 

 

383,866

Piedmont Lithium, Inc.(b)

 

11,185

 

 

307,252

Pilbara Minerals Ltd.

 

378,269

 

 

880,633

Resonac Holdings Corp.

 

45,226

 

 

722,810

Sayona Mining Ltd.(b)

 

5,641,199

 

 

268,387

Shanghai Putailai New Energy Technology Co. Ltd.

 

244,095

 

 

833,874

Sigma Lithium Corp.(b)(c)

 

21,342

 

 

521,812

SK IE Technology Co. Ltd.(a)(b)

 

11,513

 

 

505,513

South32 Ltd.

 

530,514

 

 

1,117,283

Standard Lithium Ltd.(b)(c)

 

127,966

 

 

354,346

Sumitomo Metal Mining Co. Ltd.

 

37,173

 

 

1,033,953

Tianqi Lithium Corp.

 

255,605

 

 

1,378,426

TMC the metals co., Inc.(b)(c)

 

338,105

 

 

276,638

Umicore SA

 

34,968

 

 

830,642

Vale Indonesia Tbk PT

 

1,841,240

 

 

573,758

Vulcan Energy Resources Ltd.(b)

 

179,984

 

 

236,337

Description

 

Shares

 

Value

W-Scope Corp.(b)(c)

 

54,240

 

$

308,818

Yunnan Energy New Material Co. Ltd.

 

114,440

 

 

1,047,742

Zhejiang Huayou Cobalt Co. Ltd.

 

200,800

 

 

1,009,474

       

 

44,880,177

Total Common Stocks
(Cost $170,248,298)

     

 

110,078,459

       

 

 

RIGHTS — 0.0%(e)

     

 

 

Phoenix Silicon International Corp.

 

28,142

 

 

3,296

Total Rights
(Cost $7,680)

     

 

3,296

       

 

 

MONEY MARKET FUNDS — 0.2%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(f)

 

255,449

 

 

255,449

Total Money Market Funds
(Cost $255,449)

     

 

255,449

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.2%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(f)

 

14,662,483

 

 

14,662,483

Total Investments Purchased with Proceeds from Securities Lending
(Cost $14,662,483)

     

 

14,662,483

       

 

 

Total Investments — 112.9%
(Cost $185,173,910)

     

$

124,999,687

Percentages are based on Net Assets of $110,702,207.

ADR - American Depositary Receipt

(b)  Non-income producing security.

(a)  Security exempt from registration under Rule 144(b) and Regulation S of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $3,870,013 or 3.5% of net assets.

(c)  All or a portion of this security is out on loan as of October 31, 2023. Total value of securities out on loan is $12,460,669 or 11.3% of net assets.

(d)  The Fund has fair valued this security. Value is determined using significant unobservable inputs.

(e)   Less than 0.005%.

(f)   Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

33

Amplify ETF Trust

Amplify BlackSwan Growth & Treasury Core ETF

Schedule of Investments

October 31, 2023

Description

 

 

 

Par Value

 

Value

U.S. GOVERNMENT NOTES/BONDS — 91.1%

     

 

   

 

 

3.125%, 11/15/2028

     

$

18,374,000

 

$

16,955,757

2.375%, 05/15/2029

     

 

19,204,000

 

 

16,892,018

1.750%, 11/15/2029

     

 

19,974,000

 

 

16,789,864

0.625%, 05/15/2030

     

 

21,924,000

 

 

16,740,173

0.875%, 11/15/2030

     

 

21,671,000

 

 

16,595,245

1.625%, 05/15/2031

     

 

20,651,000

 

 

16,478,046

1.375%, 11/15/2031

     

 

21,306,000

 

 

16,393,136

2.875%, 05/15/2032

     

 

18,916,000

 

 

16,269,977

4.125%, 11/15/2032

     

 

17,156,000

 

 

16,201,027

3.375%, 05/15/2033

     

 

18,174,000

 

 

16,112,388

Total U.S. Government Notes/Bonds
(Cost $177,641,654)

     

 

   

 

165,427,631

       

 

   

 

 
 

Contracts

 

Notional
Amount

   

PURCHASED CALL OPTIONS(a) — 7.6%

     

 

     

SPDR S&P 500 ETF Trust, Expires 12/15/2023, Strike Price $380.00

 

1,611

 

$

67,372,020

 

6,832,251

SPDR S&P 500 ETF Trust, Expires 06/21/2024, Strike Price $400.00

 

1,664

 

 

69,588,480

 

7,038,720

Total Purchased Call Options
(Cost $18,616,641)

     

 

   

13,870,971

 

Shares

       

MONEY MARKET FUNDS — 0.3%

         

 

 

Dreyfus Government Cash Management — 4.45%(b)

 

26,298

     

 

26,298

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(b)

 

496,364

     

 

496,365

Total Money Market Funds
(Cost $522,663)

         

 

522,663

           

 

 

Total Investments — 99.0%
(Cost $196,780,958)

         

$

179,821,265

Percentages are based on Net Assets of $181,682,701.

(a)  Exchange Traded.

(b)  Seven-day yield as of October 31, 2023.

The accompanying notes are an integral part of the financial statements.

34

Amplify ETF Trust

Amplify Emerging Markets FinTech ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 99.6%

     

 

 

Banking — 8.3%

     

 

 

Bank BTPN Syariah Tbk PT

 

471,200

 

$

46,720

Bank Jago Tbk PT(a)

 

346,400

 

 

34,346

NU Holdings Ltd. - Class A(a)

 

8,752

 

 

71,766

TCS Group Holding PLC - GDR(a)(b)(c)

 

2,536

 

 

       

 

152,832

Digital Assets — 6.5%

     

 

 

Danal Co. Ltd.(a)

 

25,944

 

 

66,659

Discovery Ltd.

 

7,972

 

 

54,678

       

 

121,337

Fintech Software — 5.2%

     

 

 

Bairong, Inc.(a)(d)

 

32,500

 

 

40,705

GoTo Gojek Tokopedia Tbk PT(a)

 

9,129,200

 

 

34,482

Linklogis, Inc. - Class B(d)

 

108,500

 

 

21,354

       

 

96,541

Insurance — 4.6%

     

 

 

Ping An Insurance Group Co. of
China Ltd.

 

5,500

 

 

28,187

Renaissance Insurance Group JSC(c)

 

196,320

 

 

Waterdrop, Inc. - ADR(a)(e)

 

19,880

 

 

20,476

ZhongAn Online P&C Insurance
Co. Ltd. - Class H(a)(d)

 

13,000

 

 

35,638

       

 

84,301

Description

 

Shares

 

Value

Investment & Trading — 9.4%

     

 

 

Futu Holdings Ltd. - ADR(a)

 

1,304

 

$

72,307

Up Fintech Holding Ltd. - ADR(a)(e)

 

11,096

 

 

50,598

XP, Inc. - Class A

 

2,576

 

 

51,520

       

 

174,425

Lending & Credit — 11.2%

     

 

 

FinVolution Group - ADR

 

6,696

 

 

31,672

Jiayin Group, Inc. - ADR

 

5,344

 

 

26,720

Kaspi.KZ JSC - GDR(d)

 

796

 

 

71,958

LexinFintech Holdings Ltd. - ADR

 

14,612

 

 

26,667

Lufax Holding Ltd. - ADR

 

21,852

 

 

20,864

Qifu Technology, Inc. - ADR

 

2,043

 

 

30,216

       

 

208,097

Payment — 52.6%

     

 

 

Alibaba Group Holding Ltd.(a)

 

3,200

 

 

32,738

Dlocal Ltd./Uruguay(a)

 

4,516

 

 

76,095

EVERTEC, Inc.

 

1,676

 

 

53,263

Forth Smart Service PCL - NVDR

 

291,885

 

 

62,125

Grab Holdings Ltd.(a)

 

18,824

 

 

57,790

Green World FinTech Service Co. Ltd.

 

5,040

 

 

60,523

Jumia Technologies AG - ADR(a)(f)

 

16,016

 

 

39,399

Kakaopay Corp.(a)

 

1,860

 

 

47,101

Kginicis Co. Ltd.

 

8,484

 

 

64,892

MercadoLibre, Inc.(a)

 

58

 

 

71,963

Network International
Holdings PLC(a)(d)

 

13,680

 

 

64,375

Pagseguro Digital Ltd. - Class A(a)

 

6,396

 

 

45,156

PAX Global Technology Ltd.

 

87,000

 

 

60,041

Sea Ltd. - ADR(a)

 

1,112

 

 

46,370

Starbox Group Holdings Ltd.(a)

 

16,556

 

 

10,447

StoneCo Ltd. - Class A(a)

 

5,112

 

 

50,685

Tencent Holdings Ltd.

 

900

 

 

33,264

Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA

 

22,100

 

 

68,846

Yeahka Ltd.(a)

 

16,800

 

 

30,746

       

 

975,819

Real Estate Services — 1.8%

     

 

 

KE Holdings, Inc. - ADR

 

2,200

 

 

32,362

Total Common Stocks
(Cost $3,132,818)

     

 

1,845,714

The accompanying notes are an integral part of the financial statements.

35

Amplify ETF Trust

Amplify Emerging Markets FinTech ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

MONEY MARKET FUNDS — 0.4%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(f)

 

6,630

 

$

6,630

Total Money Market Fund
(Cost $6,630)

     

 

6,630

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.6%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(f)

 

104,712

 

 

104,712

Total Investments Purchased with Proceeds from Securities Lending
(Cost $104,712)

     

 

104,712

       

 

 

Total Investments — 105.6%
(Cost $3,244,160)

     

$

1,957,056

Percentages are based on Net Assets of $1,854,047.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

(a)  Non-income producing security.

(b)  Security exempt from registration under Regulation S of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $71,958 or 3.9% of net assets.

(c)  The Fund has fair valued this security. Value is determined using significant unobservable inputs.

(d)  Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $162,072 or 8.7% of net assets.

(e)  All or a portion of this security is out on loan as of October 31, 2023. Total value of securities out on loan is $99,449 or 5.4% of net assets.

(f)  Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

36

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 45.2%

     

 

 

Consumer Discretionary — 4.5%

     

 

 

Greenlane Holdings, Inc.(a)

 

4,833

 

$

2,682

GrowGeneration Corp.(a)

 

515,694

 

 

1,052,016

       

 

1,054,698

Consumer Staples — 1.8%

     

 

 

Neptune Wellness Solutions, Inc.(a)

 

1,210

 

 

871

Village Farms International, Inc.(a)(b)

 

580,778

 

 

418,160

       

 

419,031

Financials — 3.3%

     

 

 

Silver Spike Investment Corp.

 

82,918

 

 

767,821

       

 

 

Health Care — 24.5%

     

 

 

Aleafia Health, Inc.(a)(c)

 

80,872

 

 

Auxly Cannabis Group, Inc.(a)

 

3,137,044

 

 

33,932

Canopy Growth Corp.(a)(b)

 

362,765

 

 

205,035

Cara Therapeutics, Inc.(a)

 

81,542

 

 

105,189

cbdMD, Inc.(a)(b)

 

12,228

 

 

7,216

Charlotte’s Web Holdings, Inc.(a)

 

1,102,907

 

 

278,361

Clever Leaves Holdings, Inc.(a)

 

5,093

 

 

11,001

Cronos Group, Inc.(a)

 

595,463

 

 

1,077,788

IM Cannabis Corp.(a)

 

9,600

 

 

4,708

Jazz Pharmaceuticals PLC(a)

 

553

 

 

70,242

MediPharm Labs Corp.(a)

 

2,927,844

 

 

147,791

Organigram Holdings, Inc.(a)(b)

 

169,800

 

 

178,290

Revvity, Inc.

 

81

 

 

6,711

SNDL, Inc.(a)(b)

 

298,791

 

 

430,259

TerrAscend Corp.(a)

 

700,000

 

 

1,115,558

Tilray Brands, Inc.(a)(b)

 

1,168,784

 

 

2,103,811

       

 

5,775,892

Industrials — 0.7%

     

 

 

Hydrofarm Holdings Group, Inc.(a)(b)

 

171,646

 

 

171,371

       

 

 

Information Technology — 5.6%

     

 

 

Akerna Corp.(a)

 

13,320

 

 

3,953

WM Technology, Inc.(a)

 

1,214,393

 

 

1,323,689

       

 

1,327,642

Description

 

Shares

 

Value

Real Estate — 4.8%

     

 

 

Innovative Industrial Properties, Inc.(d)

 

15,924

 

$

1,143,821

Total Common Stocks
(Cost $82,805,303)

     

 

10,660,276

       

 

 

RIGHTS — 0.0%(e)

     

 

 

Harmony Biosciences Holdings,
Inc.(a)(c)

 

220,858

 

 

Total Rights
(Cost $0)

     

 

       

 

 

MONEY MARKET FUNDS — 1.4%

     

 

 

Invesco Government & Agency Portfolio - Institutional
Class — 5.27%(f)

 

341,753

 

 

341,753

Total Money Market Funds
(Cost $341,753)

     

 

341,753

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.2%

     

 

 

First American Government Obligations Fund, Class X — 5.21%(f)

 

1,455,717

 

 

1,455,717

Total Investments Purchased with Proceeds from Securities Lending
(Cost $1,455,717)

     

 

1,455,717

       

 

 

Total Investments — 52.8%
(Cost $84,602,773)

     

$

12,457,746

____________

Percentages are based on Net Assets of $23,590,528.

(a)  Non-income producing security.

(b)  All or a portion of this security is out on loan as of October 31, 2023. Total value of securities out on loan is $1,140,340 or 4.8% of net assets.

(c)   The Fund has fair valued this security. Value determined using significant unobservable inputs.

(d)  Real Estate Investment Trust.

(e)   Less than 0.005%.

(f)   Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

37

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Schedule of Total Return Swaps

October 31, 2023

Reference Index

 

Counterparty

 

Long/Short

 

Expiration
Date

 

Financing
Rate(a)

 

Payment
Frequency

 

Notional
Amount

 

Value/Unrealized
Appreciation
(Depreciation)

Ayr Wellness, Inc.

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

$

313,180

 

$

(106,000

)

Cannabist Company

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

 

115,176

 

 

(112,013

)

Cresco Labs, Inc.

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

 

1,344,003

 

 

(430,501

)

Curaleaf Holdings, Inc.

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

 

2,472,445

 

 

(886,348

)

Green Thumb Industries,
Inc.

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

 

3,271,391

 

 

(518,396

)

Trulieve Cannabis Corp.

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

 

1,951,245

 

 

(238,485

)

Verano Holdings Corp.

 

Nomura Global Financial Products, Inc.

 

Long

 

05/28/2024

 

6.82%

 

Monthly

 

 

1,853,075

 

 

(553,729

)

                       

 

   

$

(2,845,472

)

(a)   Financing rate based on the overnight bank rate plus a spread of 150 basis points and is reset monthly.

The accompanying notes are an integral part of the financial statements.

38

Amplify ETF Trust

Amplify BlackSwan ISWN ETF

Schedule of Investments

October 31, 2023

Description

 

 

 

Par Value

 

Value

U.S. GOVERNMENT NOTES/BONDS — 92.4%

     

 

   

 

 

3.125%, 11/15/2028

     

$

3,840,000

 

$

3,543,600

2.375%, 05/15/2029

     

 

4,015,000

 

 

3,531,632

1.750%, 11/15/2029

     

 

4,176,000

 

 

3,510,287

0.625%, 05/15/2030

     

 

4,583,000

 

 

3,499,371

0.875%, 11/15/2030

     

 

4,531,000

 

 

3,469,755

1.625%, 05/15/2031

     

 

4,318,000

 

 

3,445,460

1.375%, 11/15/2031

     

 

4,455,000

 

 

3,427,740

2.875%, 05/15/2032

     

 

3,955,000

 

 

3,401,763

4.125%, 11/15/2032

     

 

3,585,000

 

 

3,385,444

3.375%, 05/15/2033

     

 

3,800,000

 

 

3,368,938

Total U.S. Government Notes/Bonds
(Cost $37,066,511)

     

 

   

 

34,583,990

 

Contracts

 

Notional
Amount

   

PURCHASED CALL OPTIONS(a) — 6.5%

     

 

     

iShares MSCI EAFE ETF, Expires 12/15/2023, Strike Price $60.00

 

1,756

 

$

11,751,152

 

1,317,000

iShares MSCI EAFE ETF, Expires 12/20/2024, Strike Price $68.00

 

2,046

 

 

13,691,832

 

1,099,725

Total Purchased Call Options
(Cost $4,157,417)

     

 

   

2,416,725

 

Shares

       

MONEY MARKET FUNDS — 0.1%

         

 

 

Dreyfus Government Cash Management — 4.45%(b)

 

38,678

     

 

38,678

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(b)

 

646

     

 

646

Total Money Market Funds
(Cost $39,324)

         

 

39,324

           

 

 

Total Investments — 99.0%
(Cost $41,263,252)

         

$

37,040,039

Percentages are based on Net Assets of $37,429,830.

(a)  Exchange Traded.

(b)  Seven-day yield as of October 31, 2023.

The accompanying notes are an integral part of the financial statements.

39

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 99.5%

     

 

 

Communication Services — 8.8%

     

 

 

Alphabet, Inc. - Class A(a)

 

624

 

$

77,426

Baidu, Inc.(a)

 

452

 

 

5,933

Meta Platforms, Inc. - Class A(a)

 

147

 

 

44,287

NetEase, Inc.

 

380

 

 

8,174

Netflix, Inc.(a)

 

28

 

 

11,527

ROBLOX Corp. - Class A(a)

 

991

 

 

31,524

Roku, Inc.(a)

 

253

 

 

15,071

Snap, Inc. - Class A(a)

 

736

 

 

7,367

Tencent Holdings Ltd.

 

318

 

 

11,753

       

 

213,062

Consumer Discretionary — 10.4%

     

 

 

Alibaba Group Holding Ltd.(a)

 

893

 

 

9,136

Amazon.com, Inc.(a)

 

443

 

 

58,959

Aptiv PLC(a)

 

103

 

 

8,982

BYD Co Ltd.

 

409

 

 

12,409

DraftKings, Inc.(a)

 

387

 

 

10,689

Lucid Group, Inc.(a)(b)

 

2,367

 

 

9,752

MercadoLibre, Inc.(a)

 

6

 

 

7,444

Rivian Automotive, Inc. - Class A(a)

 

1,392

 

 

22,578

Tesla, Inc.(a)

 

526

 

 

105,642

XPeng, Inc. - Class A(a)

 

1,033

 

 

7,631

       

 

253,222

Financials — 4.9%

     

 

 

Block, Inc.(a)

 

949

 

 

38,197

Coinbase Global, Inc. - Class A(a)

 

722

 

 

55,680

Mastercard, Inc. - Class A

 

19

 

 

7,151

PayPal Holdings, Inc.(a)

 

175

 

 

9,065

Robinhood Markets, Inc. - Class A(a)

 

1,008

 

 

9,213

       

 

119,306

Description

 

Shares

 

Value

Health Care — 3.2%

     

 

 

Agilent Technologies, Inc.

 

76

 

$

7,856

CRISPR Therapeutics AG(a)

 

181

 

 

7,046

Danaher Corp.

 

85

 

 

16,322

Exact Sciences Corp.(a)

 

123

 

 

7,575

Intellia Therapeutics, Inc.(a)

 

277

 

 

6,939

Intuitive Surgical, Inc.(a)

 

86

 

 

22,551

Teladoc Health, Inc.(a)

 

585

 

 

9,676

       

 

77,965

Industrials — 8.8%

     

 

 

ABB Ltd.

 

625

 

 

20,906

Advanced Drainage Systems, Inc.

 

64

 

 

6,837

AeroVironment, Inc.(a)

 

73

 

 

8,370

Array Technologies, Inc.(a)

 

894

 

 

15,493

Ballard Power Systems, Inc.(a)

 

1,961

 

 

6,540

Bloom Energy Corp. - Class A(a)

 

643

 

 

6,687

Booz Allen Hamilton Holding Corp.

 

73

 

 

8,755

FANUC Corp.

 

286

 

 

6,899

Ferguson PLC

 

43

 

 

6,459

LG Energy Solution Ltd.(a)

 

27

 

 

7,707

Pentair PLC

 

135

 

 

7,846

Plug Power, Inc.(a)(b)

 

2,910

 

 

17,140

Schneider Electric SE

 

67

 

 

10,267

Shoals Technologies Group, Inc.(a)

 

1,048

 

 

16,097

Sunrun, Inc.(a)

 

1,580

 

 

15,247

Tetra Tech, Inc.

 

54

 

 

8,149

Valmont Industries, Inc.

 

32

 

 

6,301

Vestas Wind Systems AS(a)

 

657

 

 

14,167

Xylem, Inc./NY

 

252

 

 

23,572

       

 

213,439

Information Technology — 59.2%

     

 

 

Adobe, Inc.(a)

 

31

 

 

16,494

Advanced Micro Devices, Inc.(a)

 

394

 

 

38,809

Akamai Technologies, Inc.(a)

 

302

 

 

31,206

Ambarella, Inc.(a)

 

130

 

 

5,849

Analog Devices, Inc.

 

65

 

 

10,226

ANSYS, Inc.(a)

 

24

 

 

6,678

Apple, Inc.

 

199

 

 

33,983

Arista Networks, Inc.(a)

 

50

 

 

10,019

Atlassian Corp. - Class A(a)

 

34

 

 

6,142

Autodesk, Inc.(a)

 

42

 

 

8,300

Badger Meter, Inc.

 

48

 

 

6,650

BlackBerry Ltd.(a)

 

2,367

 

 

8,508

Broadcom, Inc.

 

20

 

 

16,827

The accompanying notes are an integral part of the financial statements.

40

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

Check Point Software Technologies
Ltd.(a)

 

113

 

$

15,170

Cisco Systems, Inc.

 

953

 

 

49,680

Cloudflare, Inc. - Class A(a)

 

510

 

 

28,912

Cognex Corp.

 

190

 

 

6,838

Crowdstrike Holdings, Inc. - Class A(a)

 

293

 

 

51,794

CyberArk Software Ltd.(a)

 

88

 

 

14,400

Datadog, Inc. - Class A(a)

 

116

 

 

9,451

Dropbox, Inc. - Class A(a)

 

283

 

 

7,443

Dynatrace, Inc.(a)

 

165

 

 

7,377

Enphase Energy, Inc.(a)

 

711

 

 

56,581

F5, Inc.(a)

 

59

 

 

8,944

First Solar, Inc.(a)

 

469

 

 

66,809

Fortinet, Inc.(a)

 

528

 

 

30,186

Gen Digital, Inc.

 

462

 

 

7,697

HubSpot, Inc.(a)

 

17

 

 

7,204

Infineon Technologies AG

 

223

 

 

6,476

Intel Corp.

 

574

 

 

20,951

International Business Machines Corp.

 

103

 

 

14,898

Intuit, Inc.

 

14

 

 

6,929

Itron, Inc.(a)

 

166

 

 

9,509

Juniper Networks, Inc.

 

399

 

 

10,741

Microsoft Corp.

 

214

 

 

72,356

MongoDB, Inc.(a)

 

30

 

 

10,338

NVIDIA Corp.

 

304

 

 

123,971

NXP Semiconductors NV

 

55

 

 

9,484

Okta, Inc.(a)

 

317

 

 

21,369

ON Semiconductor Corp.(a)

 

217

 

 

13,593

Oracle Corp.

 

186

 

 

19,232

Palo Alto Networks, Inc.(a)

 

228

 

 

55,409

PTC, Inc.(a)

 

51

 

 

7,161

QUALCOMM, Inc.

 

238

 

 

25,940

Qualys, Inc.(a)

 

145

 

 

22,178

Rapid7, Inc.(a)

 

193

 

 

8,973

Roper Technologies, Inc.

 

20

 

 

9,771

Salesforce, Inc.(a)

 

98

 

 

19,681

Samsung SDI Co. Ltd.

 

58

 

 

18,273

SentinelOne, Inc. - Class A(a)

 

1,179

 

 

18,428

ServiceNow, Inc.(a)

 

31

 

 

18,037

Shopify, Inc. - Class A(a)

 

433

 

 

20,433

Snowflake, Inc.(a)

 

46

 

 

6,676

SolarEdge Technologies, Inc.(a)

 

413

 

 

31,367

Splunk, Inc.(a)

 

189

 

 

27,813

STMicroelectronics NV

 

199

 

 

7,568

Description

 

Shares

 

Value

Tenable Holdings, Inc.(a)

 

317

 

$

13,349

Teradyne, Inc.

 

138

 

 

11,491

Trimble, Inc.(a)

 

184

 

 

8,672

Twilio, Inc.(a)

 

496

 

 

25,425

UiPath, Inc. - Class A(a)

 

2,803

 

 

43,531

Unity Software, Inc.(a)

 

902

 

 

22,884

Varonis Systems, Inc.(a)

 

288

 

 

9,688

VMware, Inc.(a)(b)

 

48

 

 

6,991

Workday, Inc. - Class A(a)

 

35

 

 

7,410

Xinyi Solar Holdings Ltd.

 

8,592

 

 

5,051

Zoom Video Communications,
Inc. - Class A(a)

 

400

 

 

23,992

Zscaler, Inc.(a)

 

308

 

 

48,877

       

 

1,433,093

Materials — 1.8%

     

 

 

Albemarle Corp.

 

135

 

 

17,115

Ecolab, Inc.

 

110

 

 

18,451

Livent Corp.(a)

 

533

 

 

7,777

       

 

43,343

Real Estate — 0.8%

     

 

 

Digital Realty Trust, Inc.(d)

 

92

 

 

11,441

Equinix, Inc.(d)

 

12

 

 

8,756

       

 

20,197

Utilities — 1.6%

     

 

 

American Water Works Co., Inc.

 

87

 

 

10,236

Iberdrola SA

 

661

 

 

7,336

Ormat Technologies, Inc.

 

147

 

 

9,046

Orsted AS(c)

 

117

 

 

5,630

Sunnova Energy International, Inc.(a)

 

642

 

 

5,862

       

 

38,110

Total Common Stocks
(Cost $3,856,900)

     

 

2,411,737

       

 

 

PREFERRED STOCKS — 0.4%

     

 

 

Industrials — 0.4%

     

 

 

Sociedad Quimica y Minera de
Chile SA – Class B

 

196

 

 

9,452

Total Preferred Stocks
(Cost $10,063)

     

 

9,452

The accompanying notes are an integral part of the financial statements.

41

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

MONEY MARKET FUNDS — 0.1%

     

 

 

Invesco Government & Agency Portfolio – Institutional
Class — 5.27%(e)

 

2,036

 

$

2,036

Total Money Market Fund
(Cost $2,036)

     

 

2,036

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.4%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(e)

 

33,574

 

 

33,574

Total Investments Purchased with Proceeds from Securities Lending
(Cost $33,574)

     

 

33,574

       

 

 

Total Investments — 101.4%
(Cost $3,902,573)

     

$

2,456,799

Percentages are based on Net Assets of $2,422,732.

(a)  Non-income producing security.

(b)  All or a portion of this security is out on loan as of October 31, 2023. Total value of the securities out on loan is $32,777 or 1.4% of net assets.

(c)  Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $5,630 or 0.2% of net assets.

(d)  Real Estate Investment Trust.

(e)  Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

42

Amplify ETF Trust

Amplify BlackSwan Tech & Treasury ETF

Schedule of Investments

October 31, 2023

Description

 

 

 

Par Value

 

Value

U.S. GOVERNMENT NOTES/BONDS — 86.3%

     

 

   

 

 

3.125%, 11/15/2028

     

$

207,300

 

$

191,299

2.375%, 05/15/2029

     

 

217,300

 

 

191,139

1.750%, 11/15/2029

     

 

225,300

 

 

189,384

0.625%, 05/15/2030

     

 

247,300

 

 

188,827

0.875%, 11/15/2030

     

 

244,300

 

 

187,081

1.625%, 05/15/2031

     

 

233,300

 

 

186,157

1.375%, 11/15/2031

     

 

240,300

 

 

184,890

2.875%, 05/15/2032

     

 

213,300

 

 

183,463

4.125%, 11/15/2032

     

 

193,300

 

 

182,540

3.375%, 05/15/2033

     

 

205,300

 

 

182,012

Total U.S. Government Notes/Bonds
(Cost $2,009,555)

     

 

   

 

1,866,792

 

Contracts

 

Notional
Amount

   

PURCHASED CALL OPTIONS(a)  12.3%

     

 

     

Invesco QQQ Trust Series 1, Expires 12/15/2023, Strike Price $275.00

 

22

 

$

771,914

 

172,227

Invesco QQQ Trust Series 1, Expires 06/21/2024, Strike Price $330.00

 

21

 

 

736,827

 

94,143

Total Purchased Call Options
(Cost $217,313)

     

 

   

266,370

 

Shares

       

MONEY MARKET FUNDS — 0.4%

         

 

 

Dreyfus Government Cash Management — 4.45%(b)

 

3,654

     

 

3,654

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(b)

 

5,124

     

 

5,124

Total Money Market Funds
(Cost $8,778)

         

 

8,778

           

 

 

Total Investments — 99.0%
(Cost $2,235,646)

         

$

2,141,940

Percentages are based on Net Assets of $2,162,944.

(a)  Exchange Traded.

(b)  Seven-day yield as of October 31, 2023.

The accompanying notes are an integral part of the financial statements.

43

Amplify ETF Trust

Amplify Inflation Fighter ETF

Consolidated Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 82.7%

     

 

 

Consumer Discretionary — 13.7%

     

 

 

Airbnb, Inc. - Class A(a)

 

600

 

$

70,974.00

Century Communities, Inc.

 

2,368

 

 

145,632

DR Horton, Inc.

 

1,006

 

 

105,026

Green Brick Partners, Inc.(a)

 

4,667

 

 

180,613

Lennar Corp. - Class A

 

700

 

 

74,676

LGI Homes, Inc.(a)

 

1,032

 

 

97,534

M/I Homes, Inc.(a)

 

2,000

 

 

164,140

MDC Holdings, Inc.

 

2,730

 

 

103,603

PulteGroup, Inc.

 

1,400

 

 

103,026

Tri Pointe Homes, Inc.(a)

 

3,400

 

 

85,204

       

 

1,130,428

Consumer Staples — 1.3%

     

 

 

Alico, Inc.

 

4,503

 

 

110,053

       

 

 

Energy — 23.3%

     

 

 

Antero Resources Corp.(a)

 

4,928

 

 

145,080

Cameco Corp.

 

7,467

 

 

305,464

Denison Mines Corp.(a)

 

69,972

 

 

112,016

Energy Fuels, Inc.(a)

 

14,289

 

 

114,455

NexGen Energy Ltd.(a)

 

20,914

 

 

126,231

Ovintiv, Inc.

 

1,502

 

 

72,096

Petroleo Brasileiro SA - ADR

 

6,000

 

 

90,000

Phillips 66

 

748

 

 

85,324

Shell PLC - ADR

 

1,400

 

 

91,196

Suncor Energy, Inc.

 

7,204

 

 

233,410

Texas Pacific Land Corp.

 

100

 

 

184,595

Uranium Energy Corp.(a)

 

59,598

 

 

354,608

       

 

1,914,475

Financials — 0.3%

     

 

 

LendingTree, Inc.(a)

 

1,668

 

 

22,068

       

 

 

Information Technology — 2.1%

     

 

 

Entegris, Inc.

 

730

 

 

64,269

QUALCOMM, Inc.

 

977

 

 

106,483

       

 

170,752

Description

 

Shares

 

Value

Materials — 17.2%

     

 

 

Alcoa Corp.

 

4,000

 

$

102,560

Franco-Nevada Corp.

 

879

 

 

106,842

Nucor Corp.

 

1,400

 

 

206,906

Osisko Gold Royalties Ltd.

 

9,705

 

 

118,595

POSCO Holdings, Inc. - ADR(b)

 

1,867

 

 

142,844

Rio Tinto PLC - ADR

 

2,286

 

 

147,081

Royal Gold, Inc.

 

1,308

 

 

136,464

United States Steel Corp.

 

3,000

 

 

101,670

Vale SA - ADR

 

7,272

 

 

99,699

Wheaton Precious Metals Corp.

 

5,895

 

 

249,064

       

 

1,411,725

Real Estate — 24.8%

     

 

 

Farmland Partners, Inc.(c)

 

17,724

 

 

184,684

Five Point Holdings, LLC - Class A(a)

 

22,392

 

 

54,413

Forestar Group, Inc.(a)

 

7,854

 

 

186,533

FRP Holdings, Inc.(a)

 

2,433

 

 

130,871

Gladstone Land Corp.(c)

 

10,640

 

 

145,342

Howard Hughes Holdings, Inc.(a)

 

2,427

 

 

160,983

Kennedy-Wilson Holdings, Inc.

 

6,120

 

 

78,764

Morguard Corp.

 

897

 

 

65,660

PotlatchDeltic Corp.(c)

 

3,796

 

 

162,658

Rayonier, Inc.(c)

 

6,132

 

 

154,772

Redfin Corp.(a)

 

3,766

 

 

17,550

Stratus Properties, Inc.(a)

 

2,992

 

 

76,805

Tejon Ranch Co.(a)

 

7,898

 

 

122,577

The St Joe Co.

 

4,772

 

 

222,566

Weyerhaeuser Co.(c)

 

7,798

 

 

223,725

Zillow Group, Inc. - Class C(a)

 

1,442

 

 

52,273

       

 

2,040,176

Total Common Stocks
(Cost $7,8
54,389)

     

 

6,799,677

       

 

 
 

Par Value

   

U.S. GOVERNMENT
NOTES
/BONDS — 11.0%

 

 

     

5.367%, 01/31/2024(d)

 

$

225,000

 

225,023

5.307%, 04/30/2024(d)

 

 

225,000

 

224,959

5.419%, 07/31/2024(d)

 

 

225,000

 

225,067

5.522%, 10/31/2024(d)

 

 

225,000

 

225,252

Total U.S. Government Notes/Bonds (Cost $899,593)

 

 

   

900,301

The accompanying notes are an integral part of the financial statements.

44

Amplify ETF Trust

Amplify Inflation Fighter ETF

Consolidated Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

MONEY MARKET FUNDS — 1.3%

     

 

 

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(e)

 

110,508

 

$

110,508

Total Money Market Funds
(Cost $110,508)

     

 

110,508

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.1%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(e)

 

9,020

 

 

9,020

Total Investments Purchased with Proceeds from Securities Lending
(Cost $9,020)

     

 

9,020

       

 

 

Total Investments — 95.1%
(Cost $8,873,510)

     

$

7,819,506

Percentages are based on Net Assets of $8,222,881.

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  All or a portion of this security is out on loan as of October 31, 2023. Total value of securities out on loan is $8,416 or 0.1% of net assets.

(c)  Real Estate Investment Trust.

(d)  All or portion of this security is held as collateral for the open futures. At October 31, 2023, the value of these securities amounted to $900,301 or 10.9% of net assets.

(e)  Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

45

Amplify ETF Trust

Amplify Inflation Fighter ETF

Consolidated Schedule of Open Futures Contracts

October 31, 2023

 

Number of
Contracts

 

Description

 

Long/Short

 

Expiration
Month

 

Notional
Amount

 

Value/Unrealized
Appreciation
(Depreciation)

   

119

 

Micro Bitcoin

 

Long

 

November 2023

 

$

415,370

 

$

(366

)

 

39

 

Micro Gold

 

Long

 

December 2023

 

 

777,777

 

 

5,034

 

 
               

 

   

$

4,668

 

 

The accompanying notes are an integral part of the financial statements.

46

Amplify ETF Trust

Amplify Natural Resources Dividend Income ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 95.2%

     

 

 

Chemicals — 14.6%

     

 

 

Dow, Inc.

 

4,929

 

$

238,268

Eastman Chemical Co.

 

2,617

 

 

195,568

FMC Corp.

 

2,408

 

 

128,106

International Flavors &
Fragrances, Inc.

 

3,223

 

 

220,292

LyondellBasell Industries NV

 

2,535

 

 

228,758

Nutrien Ltd.

 

6,008

 

 

322,629

       

 

1,333,621

Energy Equipment & Services — 1.9%

     

 

 

Tenaris SA - ADR

 

5,410

 

 

169,441

Metals & Mining — 10.5%

     

 

 

Agnico Eagle Mines Ltd.

 

2,966

 

 

139,135

Newmont Corp.

 

4,410

 

 

165,243

Southern Copper Corp.

 

3,397

 

 

240,847

Ternium SA - ADR

 

11,115

 

 

416,701

       

 

961,926

Oil, Gas & Consumable Fuels — 68.2%

     

 

 

Antero Midstream Corp.

 

25,085

 

 

309,549

BP PLC - ADR

 

4,708

 

 

172,219

Canadian Natural Resources Ltd.

 

2,611

 

 

165,877

Chevron Corp.

 

956

 

 

139,318

Chord Energy Corp.

 

834

 

 

137,877

Civitas Resources, Inc.

 

5,236

 

 

394,952

Devon Energy Corp.

 

3,502

 

 

163,088

DT Midstream, Inc.

 

3,971

 

 

214,315

Ecopetrol SA - ADR

 

24,155

 

 

285,271

Eni SpA - ADR

 

8,286

 

 

269,792

Equinor ASA - ADR(a)

 

4,431

 

 

147,862

Exxon Mobil Corp.

 

1,296

 

 

137,182

Hess Midstream LP - Class A

 

11,132

 

 

333,960

HF Sinclair Corp.

 

2,527

 

 

139,945

Kinder Morgan, Inc.

 

37,757

 

 

611,663

Kinetik Holdings, Inc.

 

10,214

 

 

361,984

ONEOK, Inc.

 

3,511

 

 

228,917

Pembina Pipeline Corp.

 

9,220

 

 

283,792

Description

 

Shares

 

Value

Petroleo Brasileiro SA - ADR

 

16,334

 

$

245,010

Phillips 66

 

1,431

 

 

163,234

Shell PLC - ADR

 

2,507

 

 

163,306

Sitio Royalties Corp. - Class A

 

11,418

 

 

282,253

Suncor Energy, Inc.

 

5,722

 

 

185,393

TC Energy Corp.

 

9,978

 

 

343,742

The Williams Cos, Inc.

 

6,208

 

 

213,555

Valero Energy Corp.

 

1,041

 

 

132,208

       

 

6,226,264

Total Common Stocks
(Cost $8,711,456)

     

 

8,691,252

       

 

 

PREFERRED STOCKS — 3.9%

     

 

 

Metals & Mining — 3.9%

     

 

 

Gerdau SA - ADR

 

81,256

 

 

352,651

Total Preferred Stocks
(Cost $349,401)

     

 

352,651

       

 

 

MONEY MARKET FUNDS — 0.5%

     

 

 

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(b)

 

47,015

 

 

47,015

Total Money Market Funds
(Cost $47,015)

     

 

47,015

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.6%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(b)

 

148,281

 

 

148,281

Total Investments Purchased with Proceeds from Securities Lending
(Cost $148,281)

     

 

148,281

       

 

 

Total Investments — 101.2%
(Cost $9,256,153)

     

$

9,239,199

Percentages are based on Net Assets of $9,128,155.

ADR - American Depositary Receipt

(a)  All or a portion of this security is out on loan as of October 31, 2023. Total value of the securities out on loan is $143,424 or 1.6% of net assets.

(b)  Seven-day yield as of October 31, 2023.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

47

Amplify ETF Trust

Amplify International Enhanced Dividend Income ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 95.4%

     

 

 

Communication Services — 9.6%

     

 

 

America Movil SAB de CV - ADR

 

25,503

 

$

423,350

JOYY, Inc. - ADR

 

15,330

 

 

596,644

NetEase, Inc. - ADR(a)

 

10,524

 

 

1,125,226

Tencent Holdings Ltd. - ADR(b)

 

30,615

 

 

1,133,061

TIM SA - ADR

 

48,280

 

 

728,545

       

 

4,006,826

Consumer Discretionary — 9.9%

     

 

 

Ferrari NV

 

1,496

 

 

451,253

Hermes International SCA - ADR

 

2,322

 

 

434,359

MINISO Group Holding Ltd. - ADR(a)

 

29,312

 

 

741,887

PDD Holdings, Inc. - ADR(a)(c)

 

6,560

 

 

665,315

Sony Group Corp. - ADR

 

12,237

 

 

1,016,283

Toyota Motor Corp. - ADR

 

4,860

 

 

851,375

       

 

4,160,472

Description

 

Shares

 

Value

Consumer Staples — 7.9%

     

 

 

Coca-Cola Femsa SAB de CV - ADR

 

16,207

 

$

1,232,056

Diageo PLC - ADR(b)

 

1,523

 

 

233,780

Fomento Economico Mexicano SAB de CV - ADR

 

12,745

 

 

1,445,411

Unilever PLC - ADR

 

8,810

 

 

417,154

       

 

3,328,401

Energy — 22.5%

     

 

 

Cameco Corp.

 

16,555

 

 

677,265

Ecopetrol SA - ADR(a)

 

70,200

 

 

829,062

Eni SpA - ADR

 

25,675

 

 

835,978

Equinor ASA - ADR(a)(b)

 

25,080

 

 

836,920

Petroleo Brasileiro SA - ADR(a)

 

119,788

 

 

1,796,820

Shell PLC - ADR

 

15,360

 

 

1,000,550

Tenaris SA - ADR(a)

 

32,475

 

 

1,017,117

TotalEnergies SE - ADR(a)

 

22,580

 

 

1,503,828

YPF SA - ADR(c)(a)

 

93,312

 

 

926,588

       

 

9,424,128

Financials — 14.0%

     

 

 

Banco Bilbao Vizcaya Argentaria SA - ADR

 

185,152

 

 

1,449,740

Banco Macro SA - ADR(a)

 

18,779

 

 

344,031

HDFC Bank Ltd. - ADR

 

7,600

 

 

429,780

HSBC Holdings PLC - ADR(b)

 

16,401

 

 

595,848

ICICI Bank Ltd. - ADR

 

55,720

 

 

1,236,427

Mitsubishi UFJ Financial Group, Inc. - ADR(a)

 

212,285

 

 

1,783,194

       

 

5,839,020

Health Care — 5.8%

     

 

 

AstraZeneca PLC - ADR

 

10,260

 

 

648,740

Novartis AG - ADR

 

10,965

 

 

1,026,105

Novo Nordisk A/S - ADR

 

3,000

 

 

289,710

Sanofi - ADR

 

9,825

 

 

444,581

       

 

2,409,136

Industrials — 4.0%

     

 

 

RELX PLC - ADR

 

35,875

 

 

1,250,244

Siemens AG - ADR

 

6,360

 

 

420,968

       

 

1,671,212

Information Technology — 6.9%

     

 

 

ASE Technology Holding Co.
Ltd. - ADR

 

115,458

 

 

860,162

ASML Holding NV

 

1,728

 

 

1,034,744

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

 

11,660

 

 

1,006,375

       

 

2,901,281

The accompanying notes are an integral part of the financial statements.

48

Amplify ETF Trust

Amplify International Enhanced Dividend Income ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

Materials — 13.0%

     

 

 

ArcelorMittal SA(a)

 

36,544

 

$

804,699

BHP Group Ltd. - ADR(a)

 

14,171

 

 

808,597

CRH PLC

 

7,855

 

 

420,792

Gold Fields Ltd. - ADR(a)

 

109,165

 

 

1,421,328

Loma Negra Cia Industrial Argentina SA - ADR

 

84,793

 

 

483,320

Rio Tinto PLC - ADR(a)

 

9,106

 

 

585,880

Ternium SA - ADR

 

17,522

 

 

656,900

Vale SA - ADR

 

18,851

 

 

258,447

       

 

5,439,963

Utilities — 1.8%

     

 

 

Cia Paranaense de Energia - ADR(b)

 

39,800

 

 

324,768

Enel Chile SA - ADR

 

151,000

 

 

439,410

       

 

764,178

Total Common Stock
(Cost $40,293,372)

     

 

39,944,617

       

 

 

MONEY MARKET FUNDS — 4.7%

     

 

 

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(d)

 

1,968,656

 

 

1,968,656

Total Money Market Funds
(Cost $1,968,656)

     

 

1,968,656

       

 

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.3%

     

 

 

First American Government Obligations Fund - Class X — 5.21%(d)

 

2,220,254

 

 

2,220,254

Total Investments Purchased with Proceeds from Securities Lending
(Cost $2,220,254)

     

 

2,220,254

       

 

 

Total Investments — 105.4%
(Cost $44,482,282)

     

$

44,133,527

Percentages are based on Net Assets of $41,853,511.

ADR - American Depositary Receipt

(a) All or portion of this security is held as collateral for the options written. At October 31, 2023, the value of these securities amounted to $59,359 or 0.1% of net assets.

(b)  All or a portion of this security is out on loan as of October 31, 2023. Total value of the securities out on loan is $2,156,351 or 5.2% of net assets.

(c)  Non-income producing security.

(d)  Seven-day yield as of October 31, 2023.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

49

Amplify ETF Trust

Amplify International Enhanced Dividend Income ETF

Schedule of Options Written

October 31, 2023

 

Contracts

 

Notional
Amount

 

Value

CALL OPTIONS WRITTEN(a) — (0.2)%

     

 

 

 

 

 

 

 

ArcelorMittal SA, Expires 11/03/2023, Strike Price $24.00

 

180

 

$

(396,360

)

 

$

(450

)

Banco Macro SA, Expires 11/17/2023, Strike Price $17.07

 

180

 

 

(329,760

)

 

 

(42,299

)

BHP Group Ltd., Expires 11/17/2023, Strike Price $60.00

 

40

 

 

(228,240

)

 

 

(1,700

)

Ecopetrol SA, Expires 11/17/2023, Strike Price $12.50

 

100

 

 

(118,100

)

 

 

(1,250

)

Equinor ASA, Expires 11/17/2023, Strike Price $37.00

 

125

 

 

(417,125

)

 

 

(313

)

Gold Fields Ltd., Expires 11/17/2023, Strike Price $15.00

 

300

 

 

(390,600

)

 

 

(2,250

)

Gold Fields Ltd., Expires 11/17/2023, Strike Price $16.00

 

100

 

 

(130,200

)

 

 

(750

)

MINISO Group Holding Ltd., Expires 11/17/2023, Strike Price $30.00

 

50

 

 

(126,550

)

 

 

(1,625

)

MINISO Group Holding Ltd., Expires 11/17/2023, Strike Price $35.00

 

150

 

 

(379,650

)

 

 

(1,125

)

Mitsubishi UFJ Financial Group, Inc., Expires 11/17/2023, Strike Price $10.00

 

500

 

 

(420,000

)

 

 

(1,250

)

NetEase, Inc., Expires 11/17/2023, Strike Price $120.00

 

35

 

 

(374,220

)

 

 

(2,188

)

PDD Holdings, Inc., Expires 11/17/2023, Strike Price $120.00

 

15

 

 

(152,130

)

 

 

(428

)

Petroleo Brasileiro SA, Expires 11/17/2023, Strike Price $17.00

 

600

 

 

(900,000

)

 

 

(2,700

)

Rio Tinto PLC, Expires 11/17/2023, Strike Price $67.50

 

27

 

 

(173,718

)

 

 

(1,350

)

Tenaris SA, Expires 11/17/2023, Strike Price $35.00

 

150

 

 

(469,800

)

 

 

(1,875

)

TotalEnergies SE, Expires 11/17/2023, Strike Price $70.00

 

65

 

 

(432,900

)

 

 

(2,113

)

YPF SA, Expires 11/17/2023, Strike Price $10.00

 

500

 

 

(496,500

)

 

 

(24,999

)

       

 

 

 

 

 

 

 

Total Call Options Written
(Premiums Received $155,196)

     

 

 

 

 

$

(88,665

)

(a)  Exchange Traded.

The accompanying notes are an integral part of the financial statements.

50

Amplify ETF Trust

Amplify Cash Flow Dividend Leaders ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

COMMON STOCKS — 99.7%

     

 

 

Communication Services — 8.7%

     

 

 

AT&T, Inc.

 

4,356

 

$

67,082

Fox Corp. - Class A

 

2,090

 

 

63,515

Interpublic Group of Cos., Inc.

 

1,364

 

 

38,738

Nexstar Media Group, Inc.

 

990

 

 

138,679

Omnicom Group, Inc.

 

660

 

 

49,441

TEGNA, Inc.

 

6,116

 

 

88,743

       

 

446,198

Consumer Discretionary — 20.0%

     

 

 

Academy Sports & Outdoors, Inc.

 

2,706

 

 

121,337

Best Buy Co., Inc.

 

616

 

 

41,161

Brunswick Corp.

 

1,782

 

 

123,795

Dick’s Sporting Goods, Inc.

 

462

 

 

49,411

eBay, Inc.

 

3,146

 

 

123,418

Harley-Davidson, Inc.

 

1,848

 

 

49,619

Macy’s, Inc.

 

9,350

 

 

113,883

Ralph Lauren Corp.

 

418

 

 

47,037

Tapestry, Inc.

 

1,826

 

 

50,324

Thor Industries, Inc.

 

1,342

 

 

118,002

VF Corp.

 

2,618

 

 

38,563

Williams-Sonoma, Inc.

 

990

 

 

148,738

       

 

1,025,288

Energy — 23.7%

     

 

 

APA Corp.

 

924

 

 

36,701

ChampionX Corp.

 

3,718

 

 

114,514

Cheniere Energy, Inc.

 

858

 

 

142,788

Chevron Corp.

 

836

 

 

121,830

EQT Corp.

 

1,122

 

 

47,550

Marathon Oil Corp.

 

2,684

 

 

73,300

Marathon Petroleum Corp.

 

682

 

 

103,152

Description

 

Shares

 

Value

Matador Resources Co.

 

2,178

 

$

134,361

Murphy Oil Corp.

 

1,232

 

 

55,280

Occidental Petroleum Corp.

 

902

 

 

55,753

Ovintiv, Inc.

 

1,056

 

 

50,688

PBF Energy, Inc. - Class A

 

2,244

 

 

106,657

Phillips 66

 

594

 

 

67,758

Range Resources Corp.

 

1,958

 

 

70,175

SM Energy Co.

 

990

 

 

39,917

       

 

1,220,424

Financials — 3.3%

     

 

 

Fidelity National Information Services, Inc.

 

2,508

 

 

123,168

Franklin Resources, Inc.

 

1,958

 

 

44,623

       

 

167,791

Health Care — 7.4%

     

 

 

Cencora, Inc.

 

792

 

 

146,639

Laboratory Corp. of America Holdings

 

682

 

 

136,216

McKesson Corp.

 

110

 

 

50,090

Organon & Co.

 

3,278

 

 

48,482

       

 

381,427

Industrials — 13.3%

     

 

 

Boise Cascade Co.

 

704

 

 

66,000

Genpact Ltd.

 

3,718

 

 

124,702

ManpowerGroup, Inc.

 

1,826

 

 

127,765

Owens Corning

 

968

 

 

109,742

Timken Co.

 

1,826

 

 

126,213

UFP Industries, Inc.

 

1,342

 

 

127,718

       

 

682,140

Information Technology — 9.7%

     

 

 

Dell Technologies, Inc. - Class C

 

1,980

 

 

132,482

Microchip Technology, Inc.

 

1,694

 

 

120,765

QUALCOMM, Inc.

 

1,210

 

 

131,878

Skyworks Solutions, Inc.

 

1,298

 

 

112,588

       

 

497,713

Materials — 13.6%

     

 

 

Berry Global Group, Inc.

 

2,222

 

 

122,210

Commercial Metals Co.

 

2,508

 

 

106,063

Graphic Packaging Holding Co.

 

2,266

 

 

48,742

Mosaic Co.

 

3,608

 

 

117,188

Reliance Steel & Aluminum Co.

 

506

 

 

128,716

Westlake Corp.

 

1,100

 

 

126,896

Westrock Co.

 

1,430

 

 

51,380

       

 

701,195

Total Common Stocks
(Cost $5,384,198)

     

 

5,122,176

The accompanying notes are an integral part of the financial statements.

51

Amplify ETF Trust

Amplify Cash Flow Dividend Leaders ETF

Schedule of Investments

October 31, 2023 (Continued)

Description

 

Shares

 

Value

MONEY MARKET FUNDS — 0.2%

     

 

 

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(a)

 

10,642

 

$

10,642

Total Money Market Funds
(Cost $10,642)

     

 

10,642

       

 

 

Total Investments — 99.9%
(Cost $5,394,840)

     

$

5,132,818

Percentages are based on Net Assets of $5,136,647.

(a)  Seven-day yield as of October 31, 2023.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

52

Amplify ETF Trust

Amplify Cash Flow High Income ETF

Schedule of Investments

October 31, 2023

Description

 

Shares

 

Value

AFFILIATED EXCHANGE TRADED FUNDS — 89.3%

     

 

 

Amplify Cash Flow Dividend Leaders ETF

 

107,632

 

$

2,513,272

Total Affiliated Exchange Traded Funds
(Cost $2,674,405)

     

 

2,513,272

MONEY MARKET FUNDS — 9.8%

     

 

 

Invesco Government & Agency Portfolio - Institutional Class — 5.27%(a)

 

276,239

 

 

276,239

Total Money Market Funds
(Cost $276,239)

     

 

276,239

       

 

 

Total Investments — 99.1%
(Cost $2,950,644)

     

$

2,789,511

Percentages are based on Net Assets of $2,815,289.

(a) Seven-day yield as of October 31, 2023.

The accompanying notes are an integral part of the financial statements.

53

Amplify ETF Trust

Amplify Cash Flow High Income ETF

Schedule of Total Return Swaps

October 31, 2023

Reference Index(a)

 

Counterparty

 

Long/Short

 

Expiration
Date

 

Financing
Rate

 

Payment
Frequency

 

Notional
Amount

 

Value/Unrealized
Appreciation
(Depreciation)

Systematic Option Series AM US 1 Excess Return Strategy

 

Goldman Sachs

 

Long

 

10/17/2024

 

0.00%

 

Monthly

 

$

2,233,078

 

$

11,971

                       

 

   

$

11,971

(a)  The swap agreements will seek to exchange the Target Call Income (the rate of which is expected to fluctuate) provided by the Call Income Strategy’s daily sold call options for a set percent of call premium over each Call Period.

The underlying components of the basket as of October 31, 2023 are shown below:

Description

 

Expiration Date

 

Number of
Contracts Sold

 

Notional
Amount

 

Concentration %
of Exposure

Options Contracts:

       

 

 

 

     

 

S&P 500 Weekly C4275 Index

 

11/3/2023

 

(10.67

)

 

$

44,739

 

1.01

%

S&P 500 Weekly C4320 Index

 

11/3/2023

 

(31.76

)

 

 

133,183

 

2.99

%

S&P 500 Weekly C4335 Index

 

11/3/2023

 

(21.02

)

 

 

88,136

 

1.98

%

S&P 500 Weekly C4340 Index

 

11/3/2023

 

(42.27

)

 

 

177,260

 

3.98

%

S&P 500 Weekly C4400 Index

 

11/3/2023

 

(52.15

)

 

 

218,694

 

4.91

%

S&P 500 Weekly C4430 Index

 

11/3/2023

 

(41.33

)

 

 

173,340

 

3.89

%

S&P 500 Weekly C4455 Index

 

11/3/2023

 

(10.28

)

 

 

43,113

 

0.97

%

S&P 500 Weekly C4475 Index

 

11/3/2023

 

(30.48

)

 

 

127,841

 

2.87

%

S&P 500 Weekly C4480 Index

 

11/3/2023

 

(20.31

)

 

 

85,195

 

1.91

%

S&P 500 Weekly C4240 Index

 

11/10/2023

 

(43.41

)

 

 

182,049

 

4.09

%

S&P 500 Weekly C4265 Index

 

11/10/2023

 

(86.16

)

 

 

361,318

 

8.12

%

S&P 500 Weekly C4315 Index

 

11/10/2023

 

(42.67

)

 

 

178,958

 

4.02

%

S&P 500 Weekly C4355 Index

 

11/10/2023

 

(21.17

)

 

 

88,789

 

2.00

%

S&P 500 Weekly C4370 Index

 

11/10/2023

 

(31.52

)

 

 

132,204

 

2.97

%

S&P 500 Weekly C4375 Index

 

11/10/2023

 

(10.57

)

 

 

44,315

 

1.00

%

S&P 500 C4275 Index

 

11/17/2023

 

(10.85

)

 

 

45,512

 

1.02

%

S&P 500 C4300 Index

 

11/17/2023

 

(21.44

)

 

 

89,921

 

2.02

%

Total Options Contracts

       

 

 

 

2,214,567

 

49.75

%

         

 

 

 

     

 

Cash

       

 

 

 

     

 

Cash

       

 

 

 

2,237,143

 

50.25

%

Total Underlying Positions

       

 

 

$

4,451,710

 

100.00

%

The accompanying notes are an integral part of the financial statements.

54

Amplify ETF Trust

 

Statements of Assets and Liabilities

October 31, 2023

 

Amplify
High Income
ETF

 

Amplify
Online
Retail ETF

 

Amplify
CWP Enhanced
Dividend
Income ETF

 

Amplify
Transformational
Data Sharing
ETF

 

Amplify
Lithium &
Battery
Technology ETF

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments, at Cost

 

$

427,469,072

 

 

$

264,610,883

 

 

$

2,803,755,800

 

 

$

821,966,843

 

 

$

185,173,910

 

Foreign Currency, at Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

262,784

 

Investments, at Value*

 

$

347,583,976

 

 

$

159,982,500

 

 

$

2,839,679,747

 

 

$

501,746,858

 

 

$

124,999,687

 

Foreign Currency, at Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

255,163

 

Receivable for Capital Shares Sold

 

 

 

 

 

 

 

 

1,711,910

 

 

 

 

 

 

 

Receivable for Investments Sold

 

 

521,786

 

 

 

14,368,257

 

 

 

 

 

 

 

 

 

 

Dividends and Interest Receivable

 

 

1,262,976

 

 

 

42,725

 

 

 

4,629,197

 

 

 

575,277

 

 

 

97,289

 

Securities Lending Income Receivable

 

 

54,470

 

 

 

8,913

 

 

 

 

 

 

126,221

 

 

 

75,840

 

Total Assets

 

 

349,423,208

 

 

 

174,402,395

 

 

 

2,846,020,854

 

 

 

502,448,356

 

 

 

125,427,979

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Written, at Value (Premiums Received $0; $0; $6,123,614; $0; $0)

 

 

 

 

 

 

 

 

3,144,800

 

 

 

 

 

 

 

Payable for Fund Shares Redeemed

 

 

524,690

 

 

 

14,431,515

 

 

 

 

 

 

 

 

 

 

Payable for Investments Purchased

 

 

 

 

 

 

 

 

1,481,601

 

 

 

6,399,024

 

 

 

 

Collateral Received for Securities Loaned (See Note 4)

 

 

7,804,375

 

 

 

4,133,342

 

 

 

 

 

 

68,724,738

 

 

 

14,662,483

 

Advisory Fees Payable

 

 

146,868

 

 

 

96,899

 

 

 

1,341,679

 

 

 

249,202

 

 

 

60,826

 

Foreign Currency Payable to Custodian
(Cost $0; $0; $0; $740; $0)

 

 

 

 

 

 

 

 

 

 

 

792

 

 

 

 

Due to Custodian

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,463

 

Total Liabilities

 

 

8,475,933

 

 

 

18,661,756

 

 

 

5,968,080

 

 

 

75,373,756

 

 

 

14,725,772

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

$

340,947,275

 

 

$

155,740,639

 

 

$

2,840,052,774

 

 

$

427,074,600

 

 

$

110,702,207

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in Capital ($0.01 par value)

 

$

321,500

 

 

$

37,500

 

 

$

829,500

 

 

$

207,500

 

 

$

112,500

 

Additional Paid-in Capital

 

 

493,035,935

 

 

 

635,031,335

 

 

 

2,843,075,690

 

 

 

1,221,851,103

 

 

 

230,173,778

 

Total Distributable Earnings (Accumulated Deficit)

 

 

(152,410,160

)

 

 

(479,328,196

)

 

 

(3,852,416

)

 

 

(794,984,003

)

 

 

(119,584,071

)

Net Assets

 

$

340,947,275

 

 

$

155,740,639

 

 

$

2,840,052,774

 

 

$

427,074,600

 

 

$

110,702,207

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)

 

 

32,150,000

 

 

 

3,750,000

 

 

 

82,950,000

 

 

 

20,750,000

 

 

 

11,250,000

 

Net Asset Value, Offering and Redemption Price per Share

 

$

10.60

 

 

$

41.53

 

 

$

34.24

 

 

$

20.58

 

 

$

9.84

 

*Includes Loaned Securities with a Value of

 

$

7,660,967

 

 

$

2,250,920

 

 

$

 

 

$

64,143,292

 

 

$

12,460,669

 

The accompanying notes are an integral part of these financial statements.

55

Amplify ETF Trust

 

Statements of Assets and Liabilities

October 31, 2023

 

Amplify
BlackSwan
Growth &
Treasury Core
ETF

 

Amplify
Emerging
Markets
FinTech
ETF

 

Amplify
Seymour
Cannabis
ETF

 

Amplify
BlackSwan
ISWN
ETF

 

Amplify
Thematic
All-Stars
ETF

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments, at Cost

 

$

196,780,958

 

 

$

3,244,160

 

 

$

84,602,773

 

 

$

41,263,252

 

 

$

3,902,573

 

Foreign Currency, at Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Investments, at Value*

 

$

179,821,265

 

 

$

1,957,056

 

 

$

12,457,746

 

 

$

37,040,039

 

 

$

2,456,799

 

Foreign Currency, at Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Collateral for Swaps

 

 

 

 

 

 

 

 

15,490,000

 

 

 

 

 

 

 

Dividends and Interest Receivable

 

 

1,941,177

 

 

 

2,157

 

 

 

14,634

 

 

 

405,598

 

 

 

782

 

Securities Lending Income Receivable

 

 

 

 

 

690

 

 

 

10,251

 

 

 

 

 

 

74

 

Expense Reimbursement Receivable, net

 

 

 

 

 

 

 

 

2,250

 

 

 

 

 

 

 

Total Assets

 

 

181,762,442

 

 

 

1,959,903

 

 

 

27,974,881

 

 

 

37,445,637

 

 

 

2,457,658

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for Investments Purchased

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to Broker for Swaps

 

 

 

 

 

 

 

 

32,496

 

 

 

 

 

 

 

Collateral Received for Securities Loaned (See Note 4)

 

 

 

 

 

104,712

 

 

 

1,455,717

 

 

 

 

 

 

33,574

 

Advisory Fees Payable

 

 

79,732

 

 

 

1,144

 

 

 

 

 

 

15,807

 

 

 

1,352

 

Net Unrealized Depreciation on Swaps

 

 

 

 

 

 

 

 

2,845,472

 

 

 

 

 

 

 

Accrued Custody Fees

 

 

 

 

 

 

 

 

1,587

 

 

 

 

 

 

 

Accrued Accounting, Administration & Transfer Agent Fees

 

 

 

 

 

 

 

 

10,516

 

 

 

 

 

 

 

Other Payables and Accrued Expenses

 

 

 

 

 

 

 

 

38,565

 

 

 

 

 

 

 

Total Liabilities

 

 

79,741

 

 

 

105,856

 

 

 

4,384,353

 

 

 

15,807

 

 

 

34,926

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

$

181,682,701

 

 

$

1,854,047

 

 

$

23,590,528

 

 

$

37,429,830

 

 

$

2,422,732

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in Capital ($0.01 par value)

 

$

78,400

 

 

$

1,000

 

 

$

64,500

 

 

$

22,000

 

 

$

1,500

 

Additional Paid-in Capital

 

 

313,106,968

 

 

 

9,151,050

 

 

 

133,360,466

 

 

 

54,285,329

 

 

 

6,511,588

 

Total Distributable Earnings (Accumulated Deficit)

 

 

(131,502,667

)

 

 

(7,298,003

)

 

 

(109,834,438

)

 

 

(16,877,499

)

 

 

(4,090,356

)

Net Assets

 

$

181,682,701

 

 

$

1,854,047

 

 

$

23,590,528

 

 

$

37,429,830

 

 

$

2,422,732

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)

 

 

7,840,000

 

 

 

100,000

 

 

 

6,450,000

 

 

 

2,200,000

 

 

 

150,000

 

Net Asset Value, Offering and Redemption Price per Share

 

$

23.17

 

 

$

18.54

 

 

$

3.66

 

 

$

17.01

 

 

$

16.15

 

*Includes Loaned Securities with a Value of

 

$

 

 

$

99,449

 

 

$

1,140,430

 

 

$

 

 

$

32,777

 

The accompanying notes are an integral part of these financial statements.

56

Amplify ETF Trust

  

Statements of Assets and Liabilities

October 31, 2023

 

Amplify
BlackSwan
Tech & Treasury
ETF

 

Amplify
Inflation
Fighter
ETF
(a)

 

Amplify
Natural
Resources
Dividend
Income
ETF

 

Amplify
International
Enhanced
Dividend
Income
ETF

 

Amplify
Cash Flow
Dividend
Leaders
ETF

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments, at Cost

 

$

2,235,646

 

 

$

8,873,510

 

 

$

9,256,153

 

 

$

44,482,282

 

 

$

5,394,840

 

Investments, at Value*

 

$

2,141,940

 

 

$

7,819,506

 

 

$

9,239,199

 

 

$

44,133,527

 

 

$

5,132,818

 

Receivable for Investments Sold

 

 

 

 

 

225,000

 

 

 

 

 

 

172,071

 

 

 

 

 

Dividends and Interest Receivable

 

 

21,923

 

 

 

2,037

 

 

 

34,986

 

 

 

106,748

 

 

 

3,829

 

Securities Lending Income Receivable

 

 

 

 

 

281

 

 

 

718

 

 

 

858

 

 

 

 

Return of Capital Receivable

 

 

 

 

 

 

 

 

6,170

 

 

 

 

 

 

 

Net Unrealized Appreciation on Futures

 

 

 

 

 

4,668

 

 

 

 

 

 

 

 

 

 

Deposits at Broker for Futures**

 

 

 

 

 

186,264

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

2,163,863

 

 

 

8,237,756

 

 

 

9,281,073

 

 

 

44,413,204

 

 

 

5,136,647

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Written, at Value (Premiums Received $0; $0; $0; $155,196; $0)

 

 

 

 

 

 

 

 

 

 

 

88,665

 

 

 

 

Collateral Received for Securities Loaned (See Note 4)

 

 

 

 

 

9,020

 

 

 

148,281

 

 

 

2,220,254

 

 

 

 

Payable for Investments Purchased

 

 

 

 

 

 

 

 

 

 

 

227,300

 

 

 

 

Advisory Fees Payable

 

 

919

 

 

 

5,855

 

 

 

4,637

 

 

 

23,474

 

 

 

 

Total Liabilities

 

 

919

 

 

 

14,875

 

 

 

152,918

 

 

 

2,559,693

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

$

2,162,944

 

 

$

8,222,881

 

 

$

9,128,155

 

 

$

41,853,511

 

 

$

5,136,647

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in Capital ($0.01 par value)

 

$

1,250

 

 

$

3,500

 

 

$

3,500

 

 

$

16,000

 

 

$

2,200

 

Additional Paid-in Capital

 

 

2,953,402

 

 

 

9,741,228

 

 

 

9,390,814

 

 

 

43,619,200

 

 

 

5,401,668

 

Total Distributable Earnings (Accumulated Deficit)

 

 

(791,708

)

 

 

(1,521,847

)

 

 

(266,159

)

 

 

(1,781,689

)

 

 

(267,221

)

Net Assets

 

$

2,162,944

 

 

$

8,222,881

 

 

$

9,128,155

 

 

$

41,853,511

 

 

$

5,136,647

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)

 

 

125,000

 

 

 

350,000

 

 

 

350,000

 

 

 

1,600,000

 

 

 

220,000

 

Net Asset Value, Offering and Redemption Price per Share

 

$

17.30

 

 

$

23.49

 

 

$

26.08

 

 

$

26.16

 

 

$

23.35

 

*Includes Loaned Securities with a Value of

 

$

 

 

$

8,416

 

 

$

143,424

 

 

$

2,156,351

 

 

$

 

**Required margin held as collateral for futures
contracts

 

 

 

 

$

131,637

 

 

 

 

 

 

 

 

 

 

(a)   Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

The accompanying notes are an integral part of these financial statements.

57

Amplify ETF Trust

 

Statements of Assets and Liabilities

October 31, 2023

 

Amplify
Cash Flow
High Income
ETF

Assets:

 

 

 

 

Investments in Unaffiliated Securities, at Cost

 

$

276,239

 

Investments in Affiliated Securities, at Cost

 

 

2,674,405

 

Investments in Unaffiliated Securities, at Value

 

$

276,239

 

Investments in Affiliated Securities, at Value

 

 

2,513,272

 

Collateral for Swaps

 

 

10,000

 

Dividends and Interest Receivable

 

 

5,402

 

Net Unrealized Appreciation on Swaps

 

 

11,971

 

Total Assets

 

 

2,816,884

 

   

 

 

 

Liabilities:

 

 

 

 

Advisory Fees Payable

 

 

1,595

 

Total Liabilities

 

 

1,595

 

   

 

 

 

Net Assets

 

$

2,815,289

 

   

 

 

 

Net Assets Consist of:

 

 

 

 

Paid-in Capital ($0.01 par value)

 

$

1,200

 

Additional Paid-in Capital

 

 

2,974,506

 

Total Distributable Earnings (Accumulated Deficit)

 

 

(160,417

)

Net Assets

 

$

2,815,289

 

   

 

 

 

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)

 

 

120,000

 

Net Asset Value, Offering and Redemption Price per Share

 

$

23.46

 

The accompanying notes are an integral part of these financial statements.

58

Amplify ETF Trust

 

Statements of Operations

For the Year Ended October 31, 2023

 

Amplify
High Income
ETF

 

Amplify
Online Retail
ETF

 

Amplify
CWP
Enhanced
Dividend
Income ETF

 

Amplify
Transformational
Data Sharing
ETF

 

Amplify
Lithium &
Battery
Technology
ETF

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Income (Net of Foreign Withholding Tax of $0; $10,195; $0; $176,061; $190,934; respectively)

 

$

34,691,208

 

 

$

667,042

 

 

$

61,679,265

 

 

$

4,348,067

 

 

$

2,616,797

 

Interest Income

 

 

81,676

 

 

 

24,470

 

 

 

13,295,923

 

 

 

137,514

 

 

 

10,144

 

Securities Lending Income

 

 

438,765

 

 

 

331,338

 

 

 

128,371

 

 

 

7,410,444

 

 

 

1,295,388

 

Total Investment Income

 

 

35,211,649

 

 

 

1,022,850

 

 

 

75,103,559

 

 

 

11,896,025

 

 

 

3,922,329

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory Fees

 

 

1,748,846

 

 

 

1,279,599

 

 

 

15,042,005

 

 

 

3,151,667

 

 

 

899,622

 

Total Expenses

 

 

1,748,846

 

 

 

1,279,599

 

 

 

15,042,005

 

 

 

3,151,667

 

 

 

899,622

 

Net Expenses

 

 

1,748,846

 

 

 

1,279,599

 

 

 

15,042,005

 

 

 

3,151,667

 

 

 

899,622

 

Net Investment Income (Loss)

 

 

33,462,803

 

 

 

(256,749

)

 

 

60,061,554

 

 

 

8,744,358

 

 

 

3,022,707

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(25,086,211

)

 

 

(174,244,737

)

 

 

(41,520,338

)

 

 

(190,192,655

)

 

 

(27,019,787

)

Capital Gain Distributions from Investment Companies

 

 

836,289

 

 

 

 

 

 

 

 

 

78

 

 

 

14

 

Foreign Currency

 

 

 

 

 

(196,836

)

 

 

 

 

 

(59,524

)

 

 

(179,991

)

Options Written

 

 

 

 

 

 

 

 

37,329,803

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation/Depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(768,803

)

 

 

182,283,420

 

 

 

(33,385,163

)

 

 

225,262,331

 

 

 

(871,895

)

Foreign Currency

 

 

 

 

 

1,433

 

 

 

 

 

 

25,748

 

 

 

4,303

 

Options Written

 

 

 

 

 

 

 

 

2,947,341

 

 

 

 

 

 

 

Securities Sold Short

 

 

 

 

 

 

 

 

 

 

 

5,079

 

 

 

 

Net Realized and Unrealized Gain (Loss)

 

 

(25,018,725

)

 

 

7,843,280

 

 

 

(34,628,357

)

 

 

35,041,057

 

 

 

(28,067,356

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

8,444,078

 

 

$

7,586,531

 

 

$

25,433,197

 

 

$

43,785,415

 

 

$

(25,044,649

)

The accompanying notes are an integral part of these financial statements.

59

Amplify ETF Trust

 

Statements of Operations

For the Year Ended October 31, 2023

 

Amplify
BlackSwan
Growth &
Treasury Core
ETF

 

Amplify
Emerging
Markets
FinTech
ETF

 

Amplify
Seymour
Cannabis
ETF

 

Amplify
BlackSwan
ISWN
ETF

 

Amplify
Thematic
All-Stars
ETF

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Income (Net of Foreign Withholding Tax of $0; $2,711; $0; $0; $1,183 respectively)

 

$

 

 

$

38,667

 

 

$

282,211

 

 

$

 

 

$

18,566

 

Interest Income

 

 

8,003,568

 

 

 

272

 

 

 

190,866

 

 

 

1,270,609

 

 

 

170

 

Securities Lending Income

 

 

 

 

 

18,968

 

 

 

131,236

 

 

 

 

 

 

1,870

 

Total Investment Income

 

 

8,003,568

 

 

 

57,907

 

 

 

604,313

 

 

 

1,270,609

 

 

 

20,606

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory Fees

 

 

1,148,793

 

 

 

16,284

 

 

 

195,223

 

 

 

182,293

 

 

 

19,232

 

Fund Accounting, Administration & Transfer Agent Fees

 

 

 

 

 

 

 

 

62,660

 

 

 

 

 

 

 

Printing and Mailing Fees

 

 

 

 

 

 

 

 

35,411

 

 

 

 

 

 

 

Other Expenses

 

 

 

 

 

 

 

 

24,103

 

 

 

 

 

 

 

Legal Fees

 

 

 

 

 

 

 

 

21,712

 

 

 

 

 

 

 

Audit Fees

 

 

 

 

 

 

 

 

21,308

 

 

 

 

 

 

 

Trustee Fees

 

 

 

 

 

 

 

 

15,445

 

 

 

 

 

 

 

Principal Financial Officer Fees

 

 

 

 

 

 

 

 

15,003

 

 

 

 

 

 

 

Shareholder Servicing Fees

 

 

 

 

 

 

 

 

14,551

 

 

 

 

 

 

 

Compliance Fees

 

 

 

 

 

 

 

 

13,325

 

 

 

 

 

 

 

Custody Expenses

 

 

 

 

 

 

 

 

9,349

 

 

 

 

 

 

 

Total Expenses

 

 

1,148,793

 

 

 

16,284

 

 

 

428,090

 

 

 

182,293

 

 

 

19,232

 

Advisory Fees Waived/Reimbursed (See Note 3)

 

 

 

 

 

 

 

 

(202,832

)

 

 

 

 

 

 

Net Expenses

 

 

1,148,793

 

 

 

16,284

 

 

 

225,258

 

 

 

182,293

 

 

 

19,232

 

Net Investment Income

 

 

6,854,775

 

 

 

41,623

 

 

 

379,055

 

 

 

1,088,316

 

 

 

1,374

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(40,187,128

)

 

 

(620,357

)

 

 

(10,233,790

)

 

 

(3,891,829

)

 

 

(1,494,625

)

Foreign Currency

 

 

 

 

 

(801

)

 

 

(1,433

)

 

 

 

 

 

(595

)

Swaps

 

 

 

 

 

 

 

 

(4,856,502

)

 

 

 

 

 

 

Net Change in Unrealized Appreciation/Depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

30,752,637

 

 

 

633,418

 

 

 

(1,221,829

)

 

 

2,140,436

 

 

 

1,556,426

 

Foreign Currency

 

 

 

 

 

(19

)

 

 

 

 

 

 

 

 

59

 

Swaps

 

 

 

 

 

 

 

 

(4,282,933

)

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss)

 

 

(9,434,491

)

 

 

12,241

 

 

 

(20,596,487

)

 

 

(1,751,393

)

 

 

61,265

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(2,579,716

)

 

$

53,864

 

 

$

(20,217,432

)

 

$

(663,077

)

 

$

62,639

 

The accompanying notes are an integral part of these financial statements.

60

Amplify ETF Trust

 

Statements of Operations

For the Year/Period Ended October 31, 2023

 

Amplify
BlackSwan
Tech & Treasury
ETF

 

Amplify
Inflation
Fighter
ETF
(a)

 

Amplify
Natural
Resources
Dividend
Income
ETF

 

Amplify
International
Enhanced
Dividend
Income
ETF

 

Amplify
Cash Flow
Dividend
Leaders
ETF
(b)

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Income (Net of Foreign Withholding Tax of $0; $4,136; $19,621; $71,911; $0)

 

$

 

 

$

71,911

 

 

$

394,518

 

 

$

918,765

 

 

$

6,900

 

Interest Income

 

 

77,987

 

 

 

72,803

 

 

 

787

 

 

 

70,404

 

 

 

110

 

Securities Lending Income

 

 

 

 

 

2,504

 

 

 

4,675

 

 

 

8,310

 

 

 

 

Total Investment Income

 

 

77,987

 

 

 

147,218

 

 

 

399,980

 

 

 

997,479

 

 

 

7,010

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory Fees

 

 

11,192

 

 

 

78,502

 

 

 

34,059

 

 

 

146,315

 

 

 

1,875

 

Total Expenses

 

 

11,192

 

 

 

78,502

 

 

 

34,059

 

 

 

146,315

 

 

 

1,875

 

Advisory Fees Waived/Reimbursed (See Note 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,875

)

Net Expenses

 

 

11,192

 

 

 

78,502

 

 

 

34,059

 

 

 

146,315

 

 

 

 

Net Investment Income

 

 

66,795

 

 

 

68,716

 

 

 

365,921

 

 

 

851,164

 

 

 

7,010

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(131,904

)

 

 

(1,155,073

)

 

 

115,906

 

 

 

(1,265,352

)

 

 

(5,729

)

Payment from Affiliate (See Note 5)

 

 

 

 

 

 

 

 

 

 

 

14,367

 

 

 

 

Foreign Currency

 

 

 

 

 

4

 

 

 

(3

)

 

 

 

 

 

 

Futures Contracts

 

 

 

 

 

388,944

 

 

 

 

 

 

 

 

 

 

Options Written

 

 

 

 

 

 

 

 

 

 

 

258,327

 

 

 

 

Net Change in Unrealized Appreciation/Depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

182,747

 

 

 

2,148,826

 

 

 

222

 

 

 

(309,599

)

 

 

(262,022

)

Foreign Currency

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

Futures Contracts

 

 

 

 

 

4,060

 

 

 

 

 

 

 

 

 

 

Options Written

 

 

 

 

 

 

 

 

 

 

 

66,890

 

 

 

 

Net Realized and Unrealized Gain (Loss)

 

 

50,843

 

 

 

1,386,761

 

 

 

116,123

 

 

 

(1,235,367

)

 

 

(267,751

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

117,638

 

 

$

1,455,477

 

 

$

482,044

 

 

$

(384,203

)

 

$

(260,741

)

(a)   Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

(b)   Fund commenced operations on September 12, 2023.

The accompanying notes are an integral part of these financial statements.

61

Amplify ETF Trust

 

Statements of Operations

For the Period Ended October 31, 2023

 

Amplify
Cash Flow
High Income
ETF
(a)

Investment Income:

 

 

 

 

Dividend Income from Affilated Investments (Net of Foreign Withholding Tax of $0)

 

$

4,103

 

Interest Income

 

 

1,469

 

Total Investment Income

 

 

5,572

 

   

 

 

 

Expenses:

 

 

 

 

Advisory Fees

 

 

2,029

 

Total Expenses

 

 

2,029

 

Net Expenses

 

 

2,029

 

Net Investment Income

 

 

3,543

 

   

 

 

 

Realized and Unrealized Gain (Loss):

 

 

 

 

Net Realized Gain on:

 

 

 

 

Swaps

 

 

5,228

 

Net Change in Unrealized Appreciation/Depreciation on:

 

 

 

 

Affiliated Investments

 

 

(161,133

)

Swaps

 

 

11,971

 

Net Realized and Unrealized Loss

 

 

(143,934

)

   

 

 

 

Net Decrease in Net Assets Resulting from Operations

 

$

(140,391

)

(a)   Fund commenced operations on September 19, 2023.

The accompanying notes are an integral part of these financial statements.

62

Amplify ETF Trust

  

Statements of Changes in Net Assets

 

 

Amplify High Income ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

33,462,803

 

 

$

22,792,564

 

Net Realized Loss on Investments

 

 

(25,086,211

)

 

 

(32,907,074

)

Capital Gain Distributions from Investment Companies

 

 

836,289

 

 

 

189,538

 

Net Change in Unrealized Appreciation/(Depreciation) on Investments

 

 

(768,803

)

 

 

(93,747,918

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

8,444,078

 

 

 

(103,672,890

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(32,823,110

)

 

 

(23,924,398

)

Return of Capital

 

 

(10,544,890

)

 

 

(13,017,602

)

Total Distributions

 

 

(43,368,000

)

 

 

(36,942,000

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

115,213,635

 

 

 

55,386,975

 

Redemptions

 

 

(37,404,110

)

 

 

(65,681,329

)

Transaction Fees (Note 1)

 

 

 

 

 

54

 

Increase (Decrease) in Net Assets from Capital Share Transactions

 

 

77,809,525

 

 

 

(10,294,300

)

   

 

 

 

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

42,885,603

 

 

 

(150,909,190

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

298,061,672

 

 

 

448,970,862

 

End of Period

 

$

340,947,275

 

 

$

298,061,672

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

9,750,000

 

 

 

4,050,000

 

Redemptions

 

 

(3,300,000

)

 

 

(4,700,000

)

Net Increase (Decrease) in Shares Outstanding from Share Transactions

 

 

6,450,000

 

 

 

(650,000

)

The accompanying notes are an integral part of these financial statements.

63

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify Online Retail ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

$

(256,749

)

 

$

2,180,233

 

Net Realized Loss on Investments and Foreign Currency

 

 

(174,441,573

)

 

 

(149,428,601

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency

 

 

182,284,853

 

 

 

(316,988,677

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

7,586,531

 

 

 

(464,237,045

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

67,742,930

 

 

 

53,305,915

 

Redemptions

 

 

(105,954,075

)

 

 

(299,390,842

)

Transaction Fees (Note 1)

 

 

5,641

 

 

 

 

Decrease in Net Assets from Capital Share Transactions

 

 

(38,205,504

)

 

 

(246,084,927

)

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(30,618,973

)

 

 

(710,321,972

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

186,359,612

 

 

 

896,681,584

 

End of Period

 

$

155,740,639

 

 

$

186,359,612

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

1,450,000

 

 

 

750,000

 

Redemptions

 

 

(2,350,000

)

 

 

(4,200,000

)

Net Decrease in Shares Outstanding from Share Transactions

 

 

(900,000

)

 

 

(3,450,000

)

The accompanying notes are an integral part of these financial statements.

64

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify CWP Enhanced
Dividend Income ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

60,061,554

 

 

$

22,060,258

 

Net Realized Gain (Loss) on Investments and Options Written

 

 

(4,190,535

)

 

 

2,530,977

 

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Options Written

 

 

(30,437,822

)

 

 

(79,374

)

Net Increase in Net Assets Resulting from Operations

 

 

25,433,197

 

 

 

24,511,861

 

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(60,061,554

)

 

 

(32,662,560

)

Return of Capital

 

 

(72,626,691)

 

 

 

(33,000,810

)

Total Distributions

 

 

(132,688,245

)

 

 

(65,663,370

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

1,010,437,880

 

 

 

1,387,185,500

 

Redemptions

 

 

(164,920,195

)

 

 

(10,597,300

)

Transaction Fees (Note 1)

 

 

5

 

 

 

 

Increase in Net Assets from Capital Share Transactions

 

 

845,517,690

 

 

 

1,376,588,200

 

   

 

 

 

 

 

 

 

Total Increase in Net Assets

 

 

738,262,642

 

 

 

1,335,436,691

 

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

2,101,790,132

 

 

 

766,353,441

 

End of Period

 

$

2,840,052,774

 

 

$

2,101,790,132

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

28,250,000

 

 

 

39,000,000

 

Redemptions

 

 

(4,650,000

)

 

 

(300,000

)

Net Increase in Shares Outstanding from Share Transactions

 

 

23,600,000

 

 

 

38,700,000

 

The accompanying notes are an integral part of these financial statements.

65

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify Transformational
Data Sharing ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

8,744,358

 

 

$

11,637,629

 

Net Realized Loss on Investments and Foreign Currency

 

 

(190,252,101

)

 

 

(181,682,166

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency, and Securities Sold Short

 

 

225,293,158

 

 

 

(757,847,628

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

43,785,415

 

 

 

(927,892,165

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

 

 

 

(167,906,335

)

Total Distributions

 

 

 

 

 

(167,906,335

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

17,641,355

 

 

 

320,208,315

 

Redemptions

 

 

(98,650,555

)

 

 

(255,162,225

)

Transaction Fees (Note 1)

 

 

 

 

 

526

 

Increase (Decrease) in Net Assets from Capital Share Transactions

 

 

(81,009,200

)

 

 

65,046,616

 

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(37,223,785

)

 

 

(1,030,751,884

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

464,298,385

 

 

 

1,495,050,269

 

End of Period

 

$

427,074,600

 

 

$

464,298,385

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

950,000

 

 

 

6,700,000

 

Redemptions

 

 

(5,250,000

)

 

 

(8,650,000

)

Net Decrease in Shares Outstanding from Share Transactions

 

 

(4,300,000

)

 

 

(1,950,000

)

The accompanying notes are an integral part of these financial statements.

66

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify Lithium & Battery
Technology ETF

   

Year Ended October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

3,022,707

 

 

$

6,356,741

 

Net Realized Loss on Investments and Foreign Currency

 

 

(27,199,764

)

 

 

(8,576,670

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency

 

 

(867,592

)

 

 

(86,320,529

)

Net Decrease in Net Assets Resulting from Operations

 

 

(25,044,649

)

 

 

(88,540,458

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(6,037,095

)

 

 

(5,449,017

)

Total Distributions

 

 

(6,037,095

)

 

 

(5,449,017

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

7,256,025

 

 

 

96,179,630

 

Redemptions

 

 

(25,274,805

)

 

 

(76,589,950

)

Transaction Fees (Note 1)

 

 

11,624

 

 

 

53,717

 

Increase (Decrease) in Net Assets from Capital Share Transactions

 

 

(18,007,156

)

 

 

19,643,397

 

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(49,088,900

)

 

 

(74,346,078

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

159,791,107

 

 

 

234,137,185

 

End of Period

 

$

110,702,207

 

 

$

159,791,107

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

550,000

 

 

 

5,300,000

 

Redemptions

 

 

(2,000,000

)

 

 

(4,550,000

)

Net Increase (Decrease) in Shares Outstanding from Share Transactions

 

 

(1,450,000

)

 

 

750,000

 

The accompanying notes are an integral part of these financial statements.

67

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify BlackSwan Growth &
Treasury Core ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

6,854,775

 

 

$

6,402,663

 

Net Realized Loss on Investments

 

 

(40,187,128

)

 

 

(55,800,715

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments

 

 

30,752,637

 

 

 

(120,239,328

)

Net Decrease in Net Assets Resulting from Operations

 

 

(2,579,716

)

 

 

(169,637,380

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(6,977,010

)

 

 

(49,750,465

)

Total Distributions

 

 

(6,977,010

)

 

 

(49,750,465

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

18,978,247

 

 

 

378,151,950

 

Redemptions

 

 

(102,136,336

)

 

 

(795,833,189

)

Decrease in Net Assets from Capital Share Transactions

 

 

(83,158,089

)

 

 

(417,681,239

)

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(92,714,815

)

 

 

(637,069,084

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

274,397,516

 

 

 

911,466,600

 

End of Period

 

$

181,682,701

 

 

$

274,397,516

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

780,000

 

 

 

10,650,000

 

Redemptions

 

 

(4,080,000

)

 

 

(25,030,000

)

Net Decrease in Shares Outstanding from Share Transactions

 

 

(3,300,000

)

 

 

(14,380,000

)

The accompanying notes are an integral part of these financial statements.

68

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify Emerging Markets
FinTech ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

41,623

 

 

$

67,045

 

Net Realized Loss on Investments and Foreign Currency

 

 

(621,158

)

 

 

(5,656,205

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency

 

 

633,399

 

 

 

425,425

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

53,864

 

 

 

(5,163,735

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(6,458

)

 

 

 

Total Distributions

 

 

(6,458

)

 

 

 

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Redemptions

 

 

(530,910

)

 

 

(3,371,133

)

Transaction Fees (Note 1)

 

 

575

 

 

 

 

Decrease in Net Assets from Capital Share Transactions

 

 

(530,335

)

 

 

(3,371,133

)

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(482,929

)

 

 

(8,534,868

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

2,336,976

 

 

 

10,871,844

 

End of Period

 

$

1,854,047

 

 

$

2,336,976

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Redemptions

 

 

(25,000

)

 

 

(125,000

)

Net Decrease in Shares Outstanding from Share Transactions

 

 

(25,000

)

 

 

(125,000

)

The accompanying notes are an integral part of these financial statements.

69

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify Seymour Cannabis ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

379,055

 

 

$

28,189

 

Net Realized Loss on Investments, Foreign Currency and Swaps

 

 

(15,091,725

)

 

 

(40,016,078

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency and Swaps

 

 

(5,504,762

)

 

 

(24,020,718

)

Net Decrease in Net Assets Resulting from Operations

 

 

(20,217,432

)

 

 

(64,008,607

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

 

 

 

(960

)

Total Distributions

 

 

 

 

 

(960

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

1,912,410

 

 

 

9,048,720

 

Redemptions

 

 

(555,060

)

 

 

(5,949,360

)

Increase in Net Assets from Capital Share Transactions

 

 

1,357,350

 

 

 

3,099,360

 

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(18,860,082

)

 

 

(60,910,207

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

42,450,610

 

 

 

103,360,817

 

End of Period

 

$

23,590,528

 

 

$

42,450,610

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

400,000

 

 

 

650,000

 

Redemptions

 

 

(150,000

)

 

 

(400,000

)

Net Increase in Shares Outstanding from Share Transactions

 

 

250,000

 

 

 

250,000

 

The accompanying notes are an integral part of these financial statements.

70

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify BlackSwan ISWN ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

1,088,316

 

 

$

594,092

 

Net Realized Loss on Investments

 

 

(3,891,829

)

 

 

(8,354,905

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments

 

 

2,140,436

 

 

 

(6,900,721

)

Net Decrease in Net Assets Resulting from Operations

 

 

(663,077

)

 

 

(14,661,534

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(1,056,161

)

 

 

(704,129

)

Total Distributions

 

 

(1,056,161

)

 

 

(704,129

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

10,617,990

 

 

 

21,448,860

 

Redemptions

 

 

(2,816,528

)

 

 

(18,089,013

)

Increase in Net Assets from Capital Share Transactions

 

 

7,801,462

 

 

 

3,359,847

 

   

 

 

 

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

6,082,224

 

 

 

(12,005,816

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

31,347,606

 

 

 

43,353,422

 

End of Period

 

$

37,429,830

 

 

$

31,347,606

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

575,000

 

 

 

900,000

 

Redemptions

 

 

(150,000

)

 

 

(825,000

)

Net Increase in Shares Outstanding from Share Transactions

 

 

425,000

 

 

 

75,000

 

The accompanying notes are an integral part of these financial statements.

71

Amplify ETF Trust

 

Statements of Changes in Net Assets

 

 

Amplify Thematic All-Stars ETF

   

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

Operations:

 

 

 

 

 

 

 

 

Net Investment Gain (Loss)

 

$

1,374

 

 

$

(2,522

)

Net Realized Loss on Investments and Foreign Currency

 

 

(1,495,220

)

 

 

(2,605,469

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency

 

 

1,556,485

 

 

 

(3,878,252

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

62,639

 

 

 

(6,486,243

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

 

 

 

(378

)

Total Distributions

 

 

 

 

 

(378

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

 

 

 

8,474,088

 

Redemptions

 

 

(2,467,558

)

 

 

(8,468,128

)

Transaction Fees (Note 1)

 

 

28

 

 

 

456

 

Increase (Decrease) in Net Assets from Capital Share Transactions

 

 

(2,467,530

)

 

 

6,416

 

   

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

(2,404,891

)

 

 

(6,480,205

)

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

4,827,623

 

 

 

11,307,828

 

End of Period

 

$

2,422,732

 

 

$

4,827,623

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

 

 

 

325,000

 

Redemptions

 

 

(150,000

)

 

 

(425,000

)

Net Decrease in Shares Outstanding from Share Transactions

 

 

(150,000

)

 

 

(100,000

)

The accompanying notes are an integral part of these financial statements.

72

Amplify ETF Trust

 

Statement of Changes in Net Assets

 

 

Amplify BlackSwan
Tech & Treasury ETF

   

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022(a)

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

66,795

 

 

$

35,739

 

Net Realized Loss on Investments

 

 

(131,904

)

 

 

(623,437

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments

 

 

182,747

 

 

 

(276,453

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

117,638

 

 

 

(864,151

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(68,651

)

 

 

(28,429

)

Total Distributions

 

 

(68,651

)

 

 

(28,429

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

 

 

 

4,293,098

 

Redemptions

 

 

(853,823

)

 

 

(432,738

)

Increase (Decrease) in Net Assets from Capital Share Transactions

 

 

(853,823

)

 

 

3,860,360

 

   

 

 

 

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

(804,836

)

 

 

2,967,780

 

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

2,967,780

 

 

 

 

End of Period

 

$

2,162,944

 

 

$

2,967,780

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

 

 

 

200,000

 

Redemptions

 

 

(50,000

)

 

 

(25,000

)

Net Increase (Decrease) in Shares Outstanding from Share Transactions

 

 

(50,000

)

 

 

175,000

 

(a)   The Fund commenced operations on December 8, 2021.

The accompanying notes are an integral part of these financial statements.

73

Amplify ETF Trust

 

Consolidated Statement of Changes in Net Assets

 

 

Amplify Inflation Fighter ETF

   

Year Ended
Ootober 31,
2023

 

Period Ended
October 31,
2022(a)

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

68,716

 

 

$

98,454

 

Net Realized Loss on Investments, Foreign Currency and Futures

 

 

(766,125

)

 

 

(994,146

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency and Futures

 

 

2,152,886

 

 

 

(3,202,222

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

1,455,477

 

 

 

(4,097,914

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(54,504

)

 

 

 

Total Distributions

 

 

(54,504

)

 

 

 

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

535,873

 

 

 

23,417,260

 

Redemptions

 

 

(4,899,805

)

 

 

(8,135,840

)

Transaction Fees (Note 1)

 

 

29

 

 

 

2,305

 

Increase (Decrease) in Net Assets from Capital Share Transactions

 

 

(4,363,903

)

 

 

15,283,725

 

   

 

 

 

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

(2,962,930

)

 

 

11,185,811

 

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

11,185,811

 

 

 

 

End of Period

 

$

8,222,881

 

 

$

11,185,811

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

25,000

 

 

 

900,000

 

Redemptions

 

 

(225,000

)

 

 

(350,000

)

Net Increase (Decrease) in Shares Outstanding from Share Transactions

 

 

(200,000

)

 

 

550,000

 

(a)   The Fund commenced operations on February 1, 2022.

The accompanying notes are an integral part of these financial statements.

74

Amplify ETF Trust

 

Statement of Changes in Net Assets

 

 

Amplify Natural Resources
Dividend Income ETF

   

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022(a)

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

365,921

 

 

$

8,965

 

Net Realized Gain on Investments and Foreign Currency

 

 

115,903

 

 

 

36,776

 

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency

 

 

220

 

 

 

(17,176

)

Net Decrease in Net Assets Resulting from Operations

 

 

482,044

 

 

 

28,565

 

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(365,917

)

 

 

(8,953

)

Return of Capital

 

 

(129,309)

 

 

 

(848

)

Total Distributions

 

 

(495,226

)

 

 

(9,801

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

11,763,898

 

 

 

2,486,810

 

Redemptions

 

 

(4,498,650

)

 

 

(629,485

)

Increase in Net Assets from Capital Share Transactions

 

 

7,265,248

 

 

 

1,857,325

 

   

 

 

 

 

 

 

 

Total Increase in Net Assets

 

 

7,252,066

 

 

 

1,876,089

 

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

1,876,089

 

 

 

 

End of Period

 

$

9,128,155

 

 

$

1,876,089

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

450,000

 

 

 

100,000

 

Redemptions

 

 

(175,000

)

 

 

(25,000

)

Net Increase in Shares Outstanding from Share Transactions

 

 

275,000

 

 

 

75,000

 

(a)   The Fund commenced operations on August 23, 2022.

The accompanying notes are an integral part of these financial statements.

75

Amplify ETF Trust

 

Statement of Changes in Net Assets

 

 

Amplify International Enhanced
Dividend Income ETF

   

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022(a)

Operations:

 

 

 

 

 

 

 

 

Net Investment Income

 

$

851,164

 

 

$

5,879

 

Net Realized Loss on Investments, Options Written, and Payment from Affiliate

 

 

(992,658

)

 

 

(2,018

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Options Written

 

 

(242,709

)

 

 

(39,515

)

Net Decrease in Net Assets Resulting from Operations

 

 

(384,203

)

 

 

(35,654

)

   

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

Dividends and Distributions

 

 

(866,121

)

 

 

(5,879

)

Return of Capital

 

 

(583,515)

 

 

 

(12,496

)

Total Distributions

 

 

(1,449,636

)

 

 

(18,375

)

   

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

45,304,688

 

 

 

2,478,528

 

Redemptions

 

 

(3,441,413

)

 

 

(606,125

)

Transaction Fees (Note 1)

 

 

5,701

 

 

 

 

Increase in Net Assets from Capital Share Transactions

 

 

41,868,976

 

 

 

1,872,403

 

   

 

 

 

 

 

 

 

Total Increase in Net Assets

 

 

40,035,137

 

 

 

1,818,374

 

   

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

Beginning of Period

 

 

1,818,374

 

 

 

 

End of Period

 

$

41,853,511

 

 

$

1,818,374

 

   

 

 

 

 

 

 

 

Share Transactions:

 

 

 

 

 

 

 

 

Subscriptions

 

 

1,650,000

 

 

 

100,000

 

Redemptions

 

 

(125,000

)

 

 

(25,000

)

Net Increase in Shares Outstanding from Share Transactions

 

 

1,525,000

 

 

 

75,000

 

(a)   The Fund commenced operations on September 7, 2022.

The accompanying notes are an integral part of these financial statements.

76

Amplify ETF Trust

 

Statement of Changes in Net Assets

 

 

Amplify
Cash Flow
Dividend
Leaders ETF

   

Period Ended
October 31,
2023(a)

Operations:

 

 

 

 

Net Investment Income

 

$

7,010

 

Net Realized Loss on Investments

 

 

(5,729

)

Net Change in Unrealized Appreciation/(Depreciation) on Investments

 

 

(262,022

)

Net Decrease in Net Assets Resulting from Operations

 

 

(260,741

)

   

 

 

 

Distributions to Shareholders:

 

 

 

 

Dividends and Distributions

 

 

(6,480

)

Total Distributions

 

 

(6,480

)

   

 

 

 

Capital Share Transactions:

 

 

 

 

Subscriptions

 

 

5,403,868

 

Increase in Net Assets from Capital Share Transactions

 

 

5,403,868

 

   

 

 

 

Total Increase in Net Assets

 

 

5,136,647

 

   

 

 

 

Net Assets:

 

 

 

 

Beginning of Period

 

 

 

End of Period

 

$

5,136,647

 

   

 

 

 

Share Transactions:

 

 

 

 

Subscriptions

 

 

220,000

 

Net Increase in Shares Outstanding from Share Transactions

 

 

220,000

 

(a)   The Fund commenced operations on September 12, 2023.

The accompanying notes are an integral part of these financial statements.

77

Amplify ETF Trust

 

Statement of Changes in Net Assets

 

 

Amplify
Cash Flow
High Income
ETF

   

Period Ended
October 31,
2023(a)

Operations:

 

 

 

 

Net Investment Income

 

$

3,543

 

Net Realized Gain on Investments and Swaps

 

 

5,228

 

Net Change in Unrealized Appreciation/(Depreciation) on Investments and Swaps

 

 

(149,162

)

Net Decrease in Net Assets Resulting from Operations

 

 

(140,391

)

   

 

 

 

Distributions to Shareholders:

 

 

 

 

Dividends and Distributions

 

 

(20,026

)

Total Distributions

 

 

(20,026

)

   

 

 

 

Capital Share Transactions:

 

 

 

 

Subscriptions

 

 

2,975,706

 

Increase in Net Assets from Capital Share Transactions

 

 

2,975,706

 

   

 

 

 

Total Increase in Net Assets

 

 

2,815,289

 

   

 

 

 

Net Assets:

 

 

 

 

Beginning of Period

 

 

 

End of Period

 

$

2,815,289

 

   

 

 

 

Share Transactions:

 

 

 

 

Subscriptions

 

 

120,000

 

Net Increase in Shares Outstanding from Share Transactions

 

 

120,000

 

(a)   The Fund commenced operations on September 19, 2023.

The accompanying notes are an integral part of these financial statements.

78

Amplify ETF Trust

Amplify High Income ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Period Ended
October 31,
2019
(a)

 

Year Ended
December 31,
2018

Net Asset Value, Beginning of Year/Period

 

$

11.60

 

 

$

17.04

 

 

$

14.28

 

 

$

17.62

 

 

$

16.09

 

 

$

19.49

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

1.12

 

 

 

0.89

 

 

 

0.81

 

 

 

0.97

 

 

 

0.86

 

 

 

1.13

 

Net Realized and Unrealized Gain (Loss)(c)

 

 

(0.68

)

 

 

(4.89

)

 

 

3.48

 

 

 

(2.69

)

 

 

1.97

 

 

 

(2.97

)

Total from Investment Operations

 

 

0.44

 

 

 

(4.00

)

 

 

4.29

 

 

 

(1.72

)

 

 

2.83

 

 

 

(1.84

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(1.09

)

 

 

(0.93

)

 

 

(0.86

)

 

 

(1.03

)

 

 

(0.87

)

 

 

(1.13

)

Return of Capital

 

 

(0.35

)

 

 

(0.51

)

 

 

(0.67

)

 

 

(0.59

)

 

 

(0.43

)

 

 

(0.43

)

Total from Distributions

 

 

(1.44

)

 

 

(1.44

)

 

 

(1.53

)

 

 

(1.62

)

 

 

(1.30

)

 

 

(1.56

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

 

 

 

0.00

(d)

 

 

0.00

(d)

 

 

0.00

(d)

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

10.60

 

 

$

11.60

 

 

$

17.04

 

 

$

14.28

 

 

$

17.62

 

 

$

16.09

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(e)

 

 

3.52

%

 

 

-24.46

%

 

 

30.71

%(i)

 

 

-9.84

%

 

 

17.86

%(f)

 

 

-9.97

%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

340,947

 

 

$

298,062

 

 

$

448,971

 

 

$

222,820

 

 

$

237,004

 

 

$

174,526

 

Ratio of Expenses to Average Net Assets

 

 

0.50

%

 

 

0.50

%

 

 

0.50

%

 

 

0.50

%

 

 

0.50

%(g)

 

 

0.50

%

Ratio of Net Investment Income to Average Net Assets(h)

 

 

9.57

%

 

 

6.23

%

 

 

4.81

%

 

 

6.29

%

 

 

5.93

%(g)

 

 

6.19

%

Portfolio Turnover(i)

 

 

48

%

 

 

59

%

 

 

90

%

 

 

43

%

 

 

28

%(f)

 

 

40

%

(a)   For the period January 1, 2019 to October 1, 2019. See Note 1 to the Financial Statements.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Less than $0.005.

(e)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(f)   Not Annualized.

(g)   Annualized.

(h)   These ratios exclude the impact of expenses of underlying security holdings as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying closed-end investment companies in which the Fund invests.

(i)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

79

Amplify ETF Trust

Amplify Online Retail ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Year Ended
October 31,
2019

Net Asset Value, Beginning of Year

 

$

40.08

 

 

$

110.70

 

 

$

88.69

 

 

$

48.49

 

 

$

43.86

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)(a)

 

 

(0.06

)

 

 

0.37

 

 

 

(0.07

)

 

 

0.58

 

 

 

0.16

 

Net Realized and Unrealized Gain (Loss)(b)

 

 

1.51

 

 

 

(70.99

)

 

 

22.70

 

 

 

39.77

 

 

 

4.47

 

Total from Investment Operations

 

 

1.45

 

 

 

(70.62

)

 

 

22.63

 

 

 

40.35

 

 

 

4.63

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

 

 

 

 

 

(0.62

)

 

 

(0.15

)

 

 

 

Total from Distributions

 

 

 

 

 

 

 

 

(0.62

)

 

 

(0.15

)

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.00

(c)

 

 

 

 

 

0.00

(c)

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year

 

$

41.53

 

 

$

40.08

 

 

$

110.70

 

 

$

88.69

 

 

$

48.49

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

3.62

%

 

 

-63.80

%

 

 

25.49

%

 

 

83.46

%

 

 

10.54

%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year (000’s)

 

$

155,741

 

 

$

186,360

 

 

$

896,682

 

 

$

971,146

 

 

$

240,005

 

Ratio of Expenses to Average Net Assets

 

 

0.65

%

 

 

0.65

%

 

 

0.65

%

 

 

0.65

%

 

 

0.65

%

Ratio of Net Investment Income (Loss) to Average Net Assets

 

 

-0.13

%

 

 

0.56

%

 

 

-0.06

%

 

 

0.82

%

 

 

0.33

%

Portfolio Turnover(e)

 

 

62

%

 

 

57

%

 

 

61

%

 

 

28

%

 

 

36

%

(a)   Calculated based on average shares outstanding during the period.

(b)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(c)   Less than $0.005.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

80

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Year Ended
October 31,
2019

Net Asset Value, Beginning of Year

 

$

35.41

 

 

$

37.11

 

 

$

29.22

 

 

$

30.41

 

 

$

28.51

 

Income from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(a)

 

 

0.78

 

 

 

0.59

 

 

 

0.49

 

 

 

0.48

 

 

 

0.58

 

Net Realized and Unrealized Gain (Loss)(b)

 

 

(0.24

)

 

 

(0.57

)

 

 

9.22

 

 

 

0.79

 

 

 

2.93

 

Total from Investment Operations

 

 

0.54

 

 

 

0.02

 

 

 

9.71

 

 

 

1.27

 

 

 

3.51

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.77

)

 

 

(0.58

)

 

 

(1.56

)

 

 

(0.27

)

 

 

(1.61

)

Net Realized Gains

 

 

 

 

 

(0.28

)

 

 

(0.11

)

 

 

(0.86

)

 

 

 

Return of Capital

 

 

(0.94

)

 

 

(0.86

)

 

 

(0.15

)

 

 

(1.33

)

 

 

 

Total from Distributions

 

 

(1.71

)

 

 

(1.72

)

 

 

(1.82

)

 

 

(2.46

)

 

 

(1.61

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.00

(c)

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year

 

$

34.24

 

 

$

35.41

 

 

$

37.11

 

 

$

29.22

 

 

$

30.41

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

1.47

%

 

 

0.14

%

 

 

33.81

%

 

 

4.40

%

 

 

12.63

%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year (000’s)

 

$

2,840,053

 

 

$

2,101,790

 

 

$

766,353

 

 

$

106,668

 

 

$

21,286

 

Ratio of Expenses to Average Net Assets
(Before Advisory Fees Waived)

 

 

0.55

%

 

 

0.55

%

 

 

0.61

%

 

 

0.95

%

 

 

0.95

%

Ratio of Expenses to Average Net Assets
(After Advisory Fees Waived)

 

 

N/A

 

 

 

N/A

 

 

 

0.54

%

 

 

0.49

%

 

 

0.49

%

Ratio of Net Investment Income to Average
Net Assets (Before Advisory Fees Waived)

 

 

2.20

%

 

 

1.67

%

 

 

1.31

%

 

 

1.16

%

 

 

1.50

%

Ratio of Net Investment Income to Average
Net Assets (After Advisory Fees Waived)

 

 

N/A

 

 

 

N/A

 

 

 

1.38

%

 

 

1.62

%

 

 

1.96

%

Portfolio Turnover(e)

 

 

66

%

 

 

87

%

 

 

89

%

 

 

86

%

 

 

115

%

(a)   Calculated based on average shares outstanding during the period.

(b)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(c)   Less than $0.005.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

81

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Year Ended
October 31,
2019

Net Asset Value, Beginning of Year

 

$

18.53

 

 

$

55.37

 

 

$

24.80

 

 

$

18.21

 

 

$

17.45

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(a)

 

 

0.38

 

 

 

0.41

 

 

 

0.24

 

 

 

0.17

 

 

 

0.23

 

Net Realized and Unrealized Gain (Loss)(b)

 

 

1.67

 

 

 

(31.50

)

 

 

30.98

 

 

 

6.80

 

 

 

0.71

 

Total from Investment Operations

 

 

2.05

 

 

 

(31.09

)

 

 

31.22

 

 

 

6.97

 

 

 

0.94

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

 

 

(5.75

)

 

 

(0.66

)

 

 

(0.39

)

 

 

(0.19

)

Total from Distributions

 

 

 

 

 

(5.75

)

 

 

(0.66

)

 

 

(0.39

)

 

 

(0.19

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

 

 

 

0.00

(c)

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year

 

$

20.58

 

 

$

18.53

 

 

$

55.37

 

 

$

24.80

 

 

$

18.21

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

11.05

%

 

 

-61.76

%

 

 

127.54

%

 

 

38.97

%

 

 

5.72

%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year (000’s)

 

$

427,075

 

 

$

464,298

 

 

$

1,495,050

 

 

$

132,705

 

 

$

99,269

 

Ratio of Expenses to Average Net Assets (Before Advisory
Fees Waived)

 

 

0.70

%

 

 

0.70

%

 

 

0.73

%

 

 

0.90

%

 

 

0.90

%

Ratio of Expenses to Average Net Assets (After Advisory
Fees Waived)

 

 

N/A

 

 

 

N/A

 

 

 

0.70

%

 

 

0.70

%

 

 

0.70

%

Ratio of Net Investment Income to Average Net Assets
(Before Advisory Fees Waived)

 

 

1.94

%

 

 

1.33

%

 

 

0.47

%

 

 

0.65

%

 

 

1.15

%

Ratio of Net Investment Income to Average Net Assets
(After Advisory Fees Waived)

 

 

N/A

 

 

 

N/A

 

 

 

0.50

%

 

 

0.85

%

 

 

1.35

%

Portfolio Turnover(e)

 

 

36

%

 

 

39

%

 

 

41

%

 

 

44

%

 

 

35

%

(a)   Calculated based on average shares outstanding during the period.

(b)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(c)   Less than $0.005.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

82

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Year Ended
October 31,
2019

Net Asset Value, Beginning of Year

 

$

12.58

 

 

$

19.59

 

 

$

10.83

 

 

$

10.59

 

 

$

12.87

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(a)

 

 

0.25

 

 

 

0.49

 

 

 

0.27

 

 

 

0.16

 

 

 

0.29

 

Net Realized and Unrealized Gain (Loss)(b)

 

 

(2.51

)

 

 

(7.08

)

 

 

8.50

 

 

 

0.41

 

 

 

(2.48

)

Total from Investment Operations

 

 

(2.26

)

 

 

(6.59

)

 

 

8.77

 

 

 

0.57

 

 

 

(2.19

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.48

)

 

 

(0.42

)

 

 

(0.03

)

 

 

(0.35

)

 

 

(0.10

)

Total from Distributions

 

 

(0.48

)

 

 

(0.42

)

 

 

(0.03

)

 

 

(0.35

)

 

 

(0.10

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.00(c)

 

 

 

0.00(c)

 

 

 

0.02

 

 

 

0.02

 

 

 

0.01

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year

 

$

9.84

 

 

$

12.58

 

 

$

19.59

 

 

$

10.83

 

 

$

10.59

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

-18.52

%

 

 

-34.28

%

 

 

81.32

%

 

 

5.56

%

 

 

-16.96

%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year (000’s)

 

$

110,702

 

 

$

159,791

 

 

$

234,137

 

 

$

9,747

 

 

$

4,767

 

Ratio of Expenses to Average Net Assets (Before Advisory
Fees Waived)

 

 

0.59

%

 

 

0.59

%

 

 

0.59

%

 

 

0.89

%

 

 

0.92

%

Ratio of Expenses to Average Net Assets (After Advisory
Fees Waived)

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

 

 

0.71

%

 

 

0.72

%

Ratio of Net Investment Income to Average Net Assets
(Before Advisory Fees Waived)

 

 

1.98

%

 

 

3.05

%

 

 

1.57

%

 

 

1.42

%

 

 

2.23

%

Ratio of Net Investment Income to Average Net Assets
(After Advisory Fees Waived)

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

 

 

1.60

%

 

 

2.43

%

Portfolio Turnover(e)

 

 

42

%

 

 

42

%

 

 

51

%

 

 

131

%

 

 

61

%

(a)   Calculated based on average shares outstanding during the period.

(b)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(c)   Less than $0.005.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

83

Amplify ETF Trust

Amplify BlackSwan Growth & Treasury Core ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Period Ended
October 31,
2019
(a)

Net Asset Value, Beginning of Year/Period

 

$

24.63

 

 

$

35.72

 

 

$

30.87

 

 

$

28.57

 

 

$

25.00

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

0.74

 

 

 

0.33

 

 

 

0.09

 

 

 

0.12

 

 

 

0.43

 

Net Realized and Unrealized Gain (Loss)(c)

 

 

(1.43

)

 

 

(9.41

)

 

 

5.25

 

 

 

3.05

(d)

 

 

3.52

 

Total from Investment Operations

 

 

(0.69

)

 

 

(9.08

)

 

 

5.34

 

 

 

3.17

 

 

 

3.95

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.77

)

 

 

(0.38

)

 

 

(0.07

)

 

 

(0.19

)

 

 

(0.38

)

Net Realized Gains

 

 

 

 

 

(1.63

)

 

 

(0.42

)

 

 

(0.68

)

 

 

 

Total from Distributions

 

 

(0.77

)

 

 

(2.01

)

 

 

(0.49

)

 

 

(0.87

)

 

 

(0.38

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

 

 

 

 

 

 

 

 

 

0.00

(e)

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

23.17

 

 

$

24.63

 

 

$

35.72

 

 

$

30.87

 

 

$

28.57

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(f)

 

 

-2.97

%

 

 

-26.77

%

 

 

17.44

%

 

 

11.29

%(h)

 

 

15.94

%(g)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

181,683

 

 

$

274,398

 

 

$

911,467

 

 

$

685,231

 

 

$

124,299

 

Ratio of Expenses to Average Net Assets

 

 

0.49

%

 

 

0.49

%

 

 

0.49

%

 

 

0.49

%

 

 

0.49

%(i)

Ratio of Net Investment Income to Average Net Assets

 

 

2.92

%

 

 

1.08

%

 

 

0.25

%

 

 

0.40

%

 

 

1.64

%(i)

Portfolio Turnover(j)

 

 

218

%

 

 

286

%

 

 

194

%

 

 

162

%

 

 

154

%(g)

(a)   The Fund commenced operations on November 5, 2018.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Includes a less than $0.01 gain per share derived from payment from an affiliate.

(e)   Less than $0.005.

(f)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(g)   Not Annualized.

(h)   Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been 11.29%.

(i)   Annualized.

(j)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

84

Amplify ETF Trust

Amplify Emerging Markets FinTech ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Period Ended
October 31,
2019
(a)

Net Asset Value, Beginning of Year/Period

 

$

18.70

 

 

$

43.49

 

 

$

41.54

 

 

$

26.73

 

 

$

25.00

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)(b)

 

 

0.37

 

 

 

0.39

 

 

 

(0.12

)

 

 

(0.07

)

 

 

(0.07

)

Net Realized and Unrealized Gain (Loss)(c)

 

 

(0.49

)

 

 

(25.18

)

 

 

2.05

 

 

 

14.92

(d)

 

 

1.79

 

Total from Investment Operations

 

 

(0.12

)

 

 

(24.79

)

 

 

1.93

 

 

 

14.85

 

 

 

1.72

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.05

)

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

Total from Distributions

 

 

(0.05

)

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.01

 

 

 

 

 

 

0.02

 

 

 

0.01

 

 

 

0.01

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

18.54

 

 

$

18.70

 

 

$

43.49

 

 

$

41.54

 

 

$

26.73

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(e)

 

 

-0.59

%

 

 

-57.00

%

 

 

4.68

%

 

 

55.70

%(g)

 

 

6.91

%(f)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

1,854

 

 

$

2,337

 

 

$

10,872

 

 

$

10,386

 

 

$

2,005

 

Ratio of Expenses to Average Net Assets

 

 

0.69

%

 

 

0.69

%

 

 

0.69

%

 

 

0.69

%

 

 

0.69

%(h)

Ratio of Net Investment Income (Loss) to Average Net Assets

 

 

1.76

%

 

 

1.37

%

 

 

-0.24

%

 

 

-0.21

%

 

 

-0.34

%(h)

Portfolio Turnover(i)

 

 

57

%

 

 

176

%

 

 

69

%

 

 

83

%

 

 

64

%(f)

(a)   The Fund commenced operations on January 29, 2019.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Includes a $0.06 gain derived from a payment from affiliate.

(e)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(f)   Not Annualized.

(g)   Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been 55.47%.

(h)   Annualized.

(i)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

85

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Year Ended
October 31,
2021

 

Year Ended
October 31,
2020

 

Period Ended
October 31,
2019
(a)

Net Asset Value, Beginning of Year/Period

 

$

6.85

 

 

$

17.37

 

 

$

11.81

 

 

$

15.61

 

 

$

24.71

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

0.06

 

 

 

0.00

(c)

 

 

0.01

 

 

 

0.31

 

 

 

0.00

(c)

Net Realized and Unrealized Gain (Loss)(d)

 

 

(3.25

)

 

 

(10.52

)

 

 

5.65

 

 

 

(4.03

)

 

 

(9.10

)

Total from Investment Operations

 

 

(3.19

)

 

 

(10.52

)

 

 

5.66

 

 

 

(3.72

)

 

 

(9.10

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

 

 

(0.00

)(c)

 

 

(0.10

)

 

 

(0.08

)

 

 

 

Total from Distributions

 

 

 

 

 

(0.00

)(c)

 

 

(0.10

)

 

 

(0.08

)

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

 

 

 

 

 

 

 

 

 

0.00

(c)

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

3.66

 

 

$

6.85

 

 

$

17.37

 

 

$

11.81

 

 

$

15.61

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(e)

 

 

-46.60

%

 

 

-60.58

%

 

 

47.93

%

 

 

-24.94

%

 

 

-37.28

%(f)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

23,591

 

 

$

42,451

 

 

$

103,361

 

 

$

6,497

 

 

$

5,465

 

Ratio of Expenses to Average Net Assets (Before Advisory Fees Waived/Reimbursed & Securities Lending Credit)

 

 

1.43

%

 

 

1.08

%

 

 

0.97

%

 

 

5.61

%

 

 

6.14

%(g)

Ratio of Expenses to Average Net Assets (After Advisory Fees Waived/Reimbursed)

 

 

0.75

%

 

 

0.75

%

 

 

0.75

%

 

 

2.22

%

 

 

5.73

%(g)

Ratio of Expenses to Average Net Assets (After Advisory Fees Waived/Reimbursed & Securities Lending Credit)

 

 

0.75

%

 

 

0.75

%

 

 

0.75

%

 

 

0.75

%

 

 

0.75

%(g)

Ratio of Net Investment Income to Average Net Assets (Before Advisory Fees Waived)

 

 

0.59

%

 

 

-0.28

%

 

 

-0.17

%

 

 

-1.93

%

 

 

6.14

%(g)

Ratio of Net Investment Income to Average Net Assets (After Advisory Fees Waived)

 

 

1.27

%

 

 

0.05

%

 

 

0.05

%

 

 

2.93

%

 

 

-0.10

%(g)

Portfolio Turnover(h)

 

 

46

%

 

 

27

%

 

 

124

%

 

 

64

%

 

 

23

%(f)

(a)   The Fund commenced operations on July 22, 2019.

(b)   Calculated based on average shares outstanding during the period.

(c)   Less than $0.005.

(d)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(e)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(f)   Not Annualized.

(g)   Annualized.

(h)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

86

Amplify ETF Trust

Amplify BlackSwan ISWN ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Period Ended
October 31,
2021
(a)

Net Asset Value, Beginning of Year/Period

 

$

17.66

 

 

$

25.50

 

 

$

25.00

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

0.55

 

 

 

0.30

 

 

 

0.07

 

Net Realized and Unrealized Gain (Loss)(c)

 

 

(0.66

)

 

 

(7.77

)

 

 

0.48

 

Total from Investment Operations

 

 

(0.11

)

 

 

(7.47

)

 

 

0.55

 

   

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.54

)

 

 

(0.27

)

 

 

(0.05

)

Net Realized Gains

 

 

 

 

 

(0.10

)

 

 

 

Total from Distributions

 

 

(0.54

)

 

 

(0.37

)

 

 

(0.05

)

   

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

17.01

 

 

$

17.66

 

 

$

25.50

 

   

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

-0.80

%

 

 

-29.51

%

 

 

2.23

%(e)

   

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

37,430

 

 

$

31,348

 

 

$

43,353

 

Ratio of Expenses to Average Net Assets

 

 

0.49

%

 

 

0.49

%

 

 

0.49

%(f)

Ratio of Net Investment Income to Average Net Assets

 

 

2.93

%

 

 

1.42

%

 

 

0.38

%(f)

Portfolio Turnover(g)

 

 

195

%

 

 

221

%

 

 

123

%(e)

(a)   The Fund commenced operations on January 25, 2021.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Not Annualized.

(f)   Annualized.

(g)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

87

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Year Ended
October 31,
2022

 

Period Ended
October 31,
2021
(a)

Net Asset Value, Beginning of Year/Period

 

$

16.09

 

 

$

28.27

 

 

$

25.05

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)(b)

 

 

0.01

 

 

 

(0.01

)

 

 

(0.02

)

Net Realized and Unrealized Gain (Loss)(c)

 

 

0.05

 

 

 

(12.17

)

 

 

3.24

 

Total from Investment Operations

 

 

0.06

 

 

 

(12.18

)

 

 

3.22

 

   

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gains

 

 

 

 

 

(0.00

)(d)

 

 

 

Total from Distributions

 

 

 

 

 

(0.00

)(d)

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.00

(d)

 

 

0.00

(d)

 

 

0.00

(d)

   

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

16.15

 

 

$

16.09

 

 

$

28.27

 

   

 

 

 

 

 

 

 

 

 

 

 

Total Return on Net Asset Value(e)

 

 

0.37

%

 

 

-43.07

%

 

 

12.85

%(f)(g)

   

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

2,423

 

 

$

4,828

 

 

$

11,308

 

Ratio of Expenses to Average Net Assets

 

 

0.49

%

 

 

0.49

%

 

 

0.49

%(h)

Ratio of Net Investment Income (Loss) to Average Net Assets

 

 

0.04

%

 

 

-0.03

%

 

 

-0.23

%(h)

Portfolio Turnover(i)

 

 

66

%

 

 

70

%

 

 

48

%(f)

(a)   The Fund commenced operations on July 20, 2021.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Less than $0.005.

(e)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(f)   Not Annualized.

(g)   Before payment from affiliate for the loss resulting from a trade error, the total return for the period would have been 12.84%. See Note 5.

(h)   Annualized.

(i)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

88

Amplify ETF Trust

Amplify BlackSwan Tech & Treasury ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022
(a)

Net Asset Value, Beginning of Year/Period

 

$

16.96

 

 

$

24.95

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

0.53

 

 

 

0.30

 

Net Realized and Unrealized Gain (Loss)(c)

 

 

0.36

 

 

 

(8.03

)

Total from Investment Operations

 

 

0.89

 

 

 

(7.73

)

   

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.55

)

 

 

(0.26

)

Total from Distributions

 

 

(0.55

)

 

 

(0.26

)

   

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

17.30

 

 

$

16.96

 

   

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

5.25

%

 

 

-31.07

%(e)

   

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

2,163

 

 

$

2,968

 

Ratio of Expenses to Average Net Assets

 

 

0.49

%

 

 

0.49

%(f)

Ratio of Net Investment Income to Average Net Assets

 

 

2.92

%

 

 

1.70

%(f)

Portfolio Turnover(g)

 

 

209

%

 

 

153

%(e)

(a)   The Fund commenced operations on December 8, 2021.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Not Annualized.

(f)   Annualized.

(g)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

89

Amplify ETF Trust

Amplify Inflation Fighter ETF

Consolidated Financial Highlights(a)

 

 

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022
(b)

Net Asset Value, Beginning of Year/Period

 

$

20.34

 

 

$

24.77

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

Net Investment Income(c)

 

 

0.17

 

 

 

0.16

 

Net Realized and Unrealized Gain (Loss)(d)

 

 

3.09

 

 

 

(4.59

)

Total from Investment Operations

 

 

3.26

 

 

 

(4.43

)

   

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.11

)

 

 

 

Total from Distributions

 

 

(0.11

)

 

 

 

   

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.00

(e)

 

 

0.00

(e)

   

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

23.49

 

 

$

20.34

 

   

 

 

 

 

 

 

 

Total Return on Net Asset Value(f)

 

 

16.14

%

 

 

-17.88

%(g)

   

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

8,223

 

 

$

11,186

 

Ratio of Expenses to Average Net Assets

 

 

0.85

%

 

 

0.85

%(h)

Ratio of Net Investment Income to Average Net Assets

 

 

0.75

%

 

 

0.93

%(h)

Portfolio Turnover(i)

 

 

23

%

 

 

61

%(g)

(a)   Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

(b)   The Fund commenced operations on February 1, 2022.

(c)   Calculated based on average shares outstanding during the period.

(d)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(e)   Less than $0.005.

(f)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(g)   Not Annualized.

(h)   Annualized.

(i)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

90

Amplify ETF Trust

Amplify Natural Resources Dividend Income ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022
(a)

Net Asset Value, Beginning of Year/Period

 

$

25.01

 

 

$

25.79

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

1.65

 

 

 

0.18

 

Net Realized and Unrealized Gain (Loss)(c)

 

 

1.34

 

 

 

(0.76

)

Total from Investment Operations

 

 

2.99

 

 

 

(0.58

)

   

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(1.42

)

 

 

(0.18

)

Return of Capital

 

 

(0.50

)

 

 

(0.02)

 

Total from Distributions

 

 

(1.92

)

 

 

(0.20)

 

   

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

26.08

 

 

$

25.01

 

   

 

 

 

 

 

 

 

Total Return on Net Asset Value(d)

 

 

12.34

%

 

 

-2.16

%(e)

   

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

9,128

 

 

$

1,876

 

Ratio of Expenses to Average Net Assets

 

 

0.59

%

 

 

0.59

%(f)

Ratio of Net Investment Income to Average Net Assets

 

 

6.34

%

 

 

3.94

%(f)

Portfolio Turnover(g)

 

 

135

%

 

 

31

%(e)

(a)   The Fund commenced operations on August 23, 2022.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Not Annualized.

(f)   Annualized.

(g)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

91

Amplify ETF Trust

Amplify International Enhanced Dividend Income ETF

Financial Highlights

 

 

Year Ended
October 31,
2023

 

Period Ended
October 31,
2022
(a)

Net Asset Value, Beginning of Year/Period

 

$

24.24

 

 

$

25.03

 

Income (Loss) from Investment Operations:

 

 

 

 

 

 

 

 

Net Investment Income(b)

 

 

1.03

 

 

 

0.09

 

Net Realized and Unrealized Gain (Loss)(c)

 

 

2.51

(d)

 

 

(0.63

)

Total from Investment Operations

 

 

3.54

 

 

 

(0.54

)

   

 

 

 

 

 

 

 

Distributions to Shareholders

 

 

 

 

 

 

 

 

Net Investment Income

 

 

(0.98

)

 

 

(0.07

)

Return of Capital

 

 

(0.65)

 

 

 

(0.18

)

Total from Distributions

 

 

(1.63

)

 

 

(0.25

)

   

 

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

 

 

 

Transaction Fees

 

 

0.01

 

 

 

 

   

 

 

 

 

 

 

 

Net Asset Value, End of Year/Period

 

$

26.16

 

 

$

24.24

 

   

 

 

 

 

 

 

 

Total Return on Net Asset Value(e)

 

 

14.59

%(f)

 

 

-2.14

%(g)

   

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

 

 

 

Net Assets, End of Year/Period (000’s)

 

$

41,854

 

 

$

1,818

 

Ratio of Expenses to Average Net Assets

 

 

0.65

%

 

 

0.65

%(h)

Ratio of Net Investment Income to Average Net Assets

 

 

3.78

%

 

 

2.40

%(h)

Portfolio Turnover(i)

 

 

83

%

 

 

12

%(g)

(a)   The Fund commenced operations on September 7, 2022.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Includes a $0.02 gain derived from a payment from affiliate. See Note 5.

(e)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(f)   Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been 14.52%.

(g)    Not Annualized.

(h)    Annualized.

(i)     Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

92

Amplify ETF Trust

Amplify Cash Flow Dividend Leaders ETF

Financial Highlights

 

 

Period Ended
October 31,
2023
(a)

Net Asset Value, Beginning of Period

 

$

25.13

 

Income from Investment Operations:

 

 

 

 

Net Investment Income(b)

 

 

0.05

 

Net Realized and Unrealized Gain(c)

 

 

(1.79)

 

Total from Investment Operations

 

 

(1.74)

 

   

 

 

 

Distributions to Shareholders

 

 

 

 

Net Investment Income

 

 

(0.04

)

Total from Distributions

 

 

(0.04

)

   

 

 

 

Net Asset Value, End of Period

 

$

23.35

 

   

 

 

 

Total Return on Net Asset Value(d)

 

 

-6.94

%(e)

   

 

 

 

Supplemental Data:

 

 

 

 

Net Assets, End of Period (000’s)

 

$

5,137

 

Ratio of Expenses to Average Net Assets (Before Advisory Fees Waived)

 

 

0.39

%(f)

Ratio of Expenses to Average Net Assets (After Advisory Fees Waived)

 

 

0.00

%(f)

Ratio of Net Investment Income to Average Net Assets (Before Advisory Fees Waived)

 

 

1.07

%(f)

Ratio of Net Investment Income to Average Net Assets (After Advisory Fees Waived)

 

 

1.46

%(f)

Portfolio Turnover(g)

 

 

21

%(e)

(a)   The Fund commenced operations on September 12, 2023.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Not Annualized.

(f)   Annualized.

(g)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

93

Amplify ETF Trust

Amplify Cash Flow High Income ETF

Financial Highlights

 

 

Period Ended
October 31,
2023
(a)

Net Asset Value, Beginning of Period

 

$

24.92

 

Income (Loss) from Investment Operations:

 

 

 

 

Net Investment Income(b)

 

 

0.03

 

Net Realized and Unrealized Loss(c)

 

 

(1.32

)

Total from Investment Operations

 

 

(1.29

)

   

 

 

 

Distributions to Shareholders

 

 

 

 

Net Investment Income

 

 

(0.17

)

Total from Distributions

 

 

(0.17

)

   

 

 

 

Net Asset Value, End of Period

 

$

23.46

 

   

 

 

 

Total Return on Net Asset Value(d)

 

 

-5.18

%(e)

   

 

 

 

Supplemental Data:

 

 

 

 

Net Assets, End of Period (000’s)

 

$

2,815

 

Ratio of Expenses to Average Net Assets

 

 

0.65

%(f)

Ratio of Net Investment Income to Average Net Assets

 

 

1.14

%(f)

Portfolio Turnover(g)

 

 

0

%(e)

(a)   The Fund commenced operations on September 19, 2023.

(b)   Calculated based on average shares outstanding during the period.

(c)   Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d)   Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e)   Not Annualized.

(f)   Annualized.

(g)   Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

94

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023

1.    ORGANIZATION

Amplify ETF Trust (the “Trust”) was organized as a Massachusetts business trust on January 6, 2015, and is authorized to issue an unlimited number of shares in one or more series of funds. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of multiple operational series, all of which are covered in this report (each a “Fund” and collectively the “Funds”). Each Fund represents a beneficial interest in a separate portfolio of securities and other assets, with their own investment objectives and policies.

The Funds list and principally trade their shares on the New York Stock Exchange Arca (“NYSE”) and the Nasdaq Stock Market LLC (“Nasdaq”) (each an “Exchange” and collectively the “Exchanges”). Shares of the Funds trade on the Exchanges at market prices that may be below, at, or above the Funds’ net asset value (“NAV”). YYY, IBUY, DIVO, BLOK, BATT, and CNBS, will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 50,000 shares, called “Creation Units.” SWAN and COWS will issue and redeem shares on a continuous basis at NAV only in creation units of, typically 10,000 shares. EMFQ, ISWN, MVPS, QSWN, IWIN, NDIV, and IDVO will issue and redeem shares on a continuous basis at NAV only in creation units of, typically 25,000 shares. HCOW will issue and redeem shares on a continuous basis at NAV only in creation units of, typically 30,000 shares. Creation Units will be issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed an Authorized Participant Agreement with Foreside Fund Services, LLC (“the Distributor”). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to CNBS and the payment of any cash amounts have been completed. To the extent contemplated by the applicable authorized participant agreement, Creation Units of CNBS will be issued to such authorized participant notwithstanding the fact that CNBS deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible, which undertaking shall be secured by such authorized participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars immediately available funds having a value (marked to market daily) at least equal to 105% of the value of the missing deposit securities.

Each Fund currently offers one class of shares, which has no front end sales load, no deferred sales charge, and no redemption fee. The Funds may issue an unlimited number of shares of beneficial interest, with par value of $0.01 per share. All shares of the Funds have equal rights and privileges. In addition to the transaction fees noted below, each Fund may also charge up to a 2% variable fee on the creation or redemption of Creation or Redemption Units. Variable transaction fees during the fiscal year, if any, are disclosed in the Statements of Changes in Net Assets.

Fund Name

 

Ticker

 

Commencement of
Operations

 

Diversification

 

Exchange

 

Transaction
Fees

Amplify High Income ETF

 

YYY

 

June 11, 2012

 

Diversified

 

NYSE

 

$

500

Amplify Online Retail ETF

 

IBUY

 

April 19, 2016

 

Diversified

 

NYSE

 

 

500

Amplify CWP Enhanced Dividend Income ETF

 

DIVO

 

December 13, 2016

 

Non-Diversified

 

NYSE

 

 

500

Amplify Transformational Data Sharing ETF

 

BLOK

 

January 16, 2018

 

Diversified

 

NYSE

 

 

500

Amplify Lithium & Battery Technology ETF

 

BATT

 

June 4, 2018

 

Non-Diversified

 

NYSE

 

 

1,000

Amplify BlackSwan Growth & Treasury Core ETF

 

SWAN

 

November 5, 2018

 

Diversified

 

NYSE

 

 

300

Amplify Emerging Markets FinTech ETF

 

EMFQ

 

January 19, 2019

 

Diversified

 

NYSE

 

 

750

Amplify Seymour Cannabis ETF

 

CNBS

 

July 22, 2019

 

Non-Diversified

 

NYSE

 

 

500

Amplify BlackSwan ISWN ETF

 

ISWN

 

January 25, 2021

 

Non-Diversified

 

NYSE

 

 

300

Amplify Thematic All-Stars ETF

 

MVPS

 

July 20, 2021

 

Non-Diversified

 

NYSE

 

 

1,500

Amplify BlackSwan Tech & Treasury ETF

 

QSWN

 

December 8, 2021

 

Non-Diversified

 

NYSE

 

 

300

Amplify Inflation Fighter ETF

 

IWIN

 

February 1, 2022

 

Non-Diversified

 

NYSE

 

 

500

Amplify Natural Resources Dividend Income ETF

 

NDIV

 

August 23, 2022

 

Non-Diversified

 

NYSE

 

 

300

Amplify International Enhanced Dividend Income ETF

 

IDVO

 

September 7, 2022

 

Non-Diversified

 

NYSE

 

 

300

Amplify Cash Flow Dividend Leaders ETF

 

COWS

 

September 12, 2023

 

Non-Diversified

 

NASDAQ

 

 

300

Amplify Cash Flow High Income ETF

 

HCOW

 

September 19, 2023

 

Non-Diversified

 

NASDAQ

 

 

300

95

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

The investment objectives of the Funds are to seek investment results that generally correspond (before fees and expenses) to the price and yield of the following indexes, respectively.

Ticker

 

Index

YYY

 

ISE High IncomeTM Index

IBUY

 

EQM Online Retail Index

BATT

 

EQM Lithium & Battery Technology Index

SWAN

 

S-Network BlackSwan Core Index

EMFQ

 

EQM Emerging Markets FinTech Index

ISWN

 

S-Network BlackSwan International Index

MVPS

 

ETF All-Stars Thematic Composite Index

QSWN

 

S-Network BlackSwan Tech & Treasury Index

NDIV

 

EQM Natural Resources Dividend Income Index

COWS

 

Kelly US Cash Flow Dividend Leaders Index

The investment objective of DIVO and IDVO is to seek to provide current income as its primary objective and to provide capital appreciation as its secondary objective. The investment objective of BLOK is to seek to provide investors with total return. The investment objective of CNBS is to seek to provide investors capital appreciation. The investment objective of IWIN is to seek to provide investors with long-term capital appreciation in inflation-adjusted terms. The investment objective of HCOW is to seek to provide investors with current income.

2.    SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

CONSOLIDATION OF SUBSIDIARY

IWIN’s portfolio managers expect to obtain commodities exposure primarily through investments in commodity futures contracts via a wholly owned subsidiary of the Fund, Amplify Inflation Fighter (Cayman) Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is designed to enhance the ability of the Fund to obtain exposure to the commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Fund is the sole shareholder of the Subsidiary, which will not be sold or offered to other investors. The Subsidiary is overseen by its own board of directors. The Fund’s investment in the Subsidiary may not exceed 25% of the Fund’s total assets at each quarter-end of the Fund’s fiscal year end. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $1,409,776 which represented 17.14% of the Fund’s net assets.

SECURITY VALUATION

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The following describes the levels of the fair value hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

96

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The valuation techniques used by the Funds to measure fair value for the year ended October 31, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended October 31, 2023, there have been no significant changes to the Funds’ fair valuation methodologies.

Common stocks, preferred stock, and other equity securities listed on any national or foreign exchange (excluding Nasdaq) and the London Stock Exchange Alternative Investment Market (“AIM”) will be valued at the last price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable NAV, with the exception of exchange-traded open-end and closed-end investment companies which are priced as equity securities. Exchange-traded options will be valued at the current mean price where such contracts are principally traded. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Fixed income securities will be valued at the mean price. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at the current market price. If there is no current market available then the securities will be valued at cost and adjusted for amortization of premiums and accretions of discounts. Swaps will be valued by using the market close price of the underlying holdings. Futures contracts will be valued at the settlement price. If there is no current market price available, then the securities will be valued at the last trade price.

The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of October 31, 2023:

Category

 

YYY

 

IBUY

 

DIVO

 

BLOK

 

BATT

Investments in Securities

 

 

   

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Investment Companies

 

$

339,208,075

 

$

 

$

 

$

 

$

Common Stocks

 

 

 

 

155,572,654

 

 

2,459,975,679

 

 

391,266,002

 

 

109,840,759

Exchange Traded Funds

 

 

 

 

 

 

 

 

20,467,567

 

 

Money Market Funds

 

 

571,526

 

 

276,504

 

 

379,704,068

 

 

12,235,878

 

 

255,449

Investments Purchased with Proceeds from Securities Lending

 

 

7,804,375

 

 

4,133,342

 

 

 

 

68,724,738

 

 

14,662,483

Total Level 1

 

 

347,583,976

 

 

159,982,500

 

 

2,839,679,747

 

 

492,694,185

 

 

124,758,691

Level 2

 

 

   

 

   

 

   

 

   

 

 

Rights

 

 

 

 

 

 

 

 

 

 

3,296

Corporate Bonds

 

 

 

 

 

 

 

 

1,814,000

 

 

Total Level 2

 

 

 

 

 

 

 

 

1,814,000

 

 

3,296

Level 3

 

 

   

 

   

 

   

 

   

 

 

Common Stocks

 

 

 

 

0

 

 

 

 

 

 

237,700

Convertible Bonds

 

 

 

 

 

 

 

 

7,238,673

 

 

Total Level 3

 

 

 

 

0

 

 

 

 

7,238,673

 

 

237,700

Total

 

$

347,583,976

 

$

159,982,500

 

$

2,839,679,747

 

$

501,746,858

 

$

124,999,687

97

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

Category

 

YYY

 

IBUY

 

DIVO

 

BLOK

 

BATT

Other Financial Instruments(a)

 

 

   

 

   

 

   

 

   

 

 

Liabilities

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Options Written

 

$

 

$

 

$

3,144,800

 

$

 

$

Total Level 1

 

 

 

 

 

 

3,144,800

 

 

 

 

Level 2

 

 

 

 

 

 

 

 

 

 

Total Level 2

 

 

 

 

 

 

 

 

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

Total Level 3

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

$

 

$

3,144,800

 

$

 

$

Category

 

 

SWAN

 

 

EMFQ

 

 

CNBS

 

 

ISWN

 

 

MVPS

Investments in Securities

 

 

   

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Common Stocks

 

$

 

$

1,845,714

 

$

10,655,568

 

$

 

$

2,404,691

Preferred Stock

 

 

 

 

 

 

 

 

 

 

9,452

Purchased Options

 

 

13,870,971

 

 

 

 

 

 

 

 

Money Market Funds

 

 

522,663

 

 

6,630

 

 

341,753

 

 

39,324

 

 

2,036

Investments Purchased with Proceeds from Securities Lending

 

 

 

 

104,712

 

 

1,455,717

 

 

 

 

33,574

Total Level 1

 

 

14,393,634

 

 

1,957,056

 

 

12,453,038

 

 

39,324

 

 

2,449,753

Level 2

 

 

   

 

   

 

   

 

   

 

 

U.S. Government Notes/Bonds

 

 

165,427,631

 

 

 

 

 

 

34,583,990

 

 

Common Stocks

 

 

 

 

 

 

4,708

 

 

 

 

7,046

Purchased Options

 

 

 

 

 

 

 

 

2,416,725

 

 

Total Level 2

 

 

165,427,631

 

 

 

 

4,708

 

 

37,000,715

 

 

7,046

Level 3

 

 

   

 

   

 

   

 

   

 

 

Common Stocks

 

 

 

 

0

 

 

0

 

 

 

 

Rights

 

 

 

 

 

 

0

 

 

 

 

Total Level 3

 

 

 

 

0

 

 

0

 

 

 

 

Total

 

$

179,821,265

 

$

1,957,056

 

$

12,457,746

 

$

37,040,039

 

$

2,456,799

   

 

   

 

   

 

   

 

   

 

 

Other Financial Instruments(a)

 

 

   

 

   

 

   

 

   

 

 

Liabilities

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Total Level 1

 

 

 

 

 

 

 

 

 

 

Level 2

 

 

   

 

   

 

   

 

   

 

 

Total Return Swaps

 

 

 

 

 

$

2,845,472

 

 

 

 

Total Level 2

 

 

 

 

 

 

2,845,472

 

 

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Level 3

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

$

 

$

2,845,472

 

$

 

$

98

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

Category

 

QSWN

 

IWIN

 

NDIV

 

IDVO

 

COWS

Investments in Securities

 

 

   

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Common Stocks

 

$

 

$

6,799,677

 

$

8,691,252

 

$

39,944,617

 

$

5,122,176

Preferred Stock

 

 

 

 

 

 

352,651

 

 

 

 

Money Market Funds

 

 

8,778

 

 

110,508

 

 

47,015

 

 

1,968,656

 

 

10,642

Investments Purchased with Proceeds from Securities Lending

 

 

 

 

9,020

 

 

148,281

 

 

2,220,254

 

 

Total Level 1

 

 

8,778

 

 

6,919,205

 

 

9,239,199

 

 

44,133,527

 

 

5,132,818

Level 2

 

 

   

 

   

 

   

 

   

 

 

U.S. Government Notes/Bonds

 

 

1,866,792

 

 

900,301

 

 

 

 

 

 

Purchased Options

 

 

266,370

 

 

 

 

 

 

 

 

Total Level 2

 

 

2,133,162

 

 

900,301

 

 

 

 

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Level 3

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,141,940

 

$

7,819,506

 

$

9,239,199

 

$

44,133,527

 

$

5,132,818

Other Financial Instruments(a)

 

 

   

 

   

 

   

 

   

 

 

Assets

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Futures Contracts

 

$

 

$

5,034

 

$

 

$

 

$

Total Level 1

 

 

 

 

5,034

 

 

 

 

 

 

Level 2

 

 

 

 

 

 

 

 

 

 

Total Level 2

 

 

 

 

 

 

 

 

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

Total Level 3

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

$

5,034

 

$

 

$

 

$

   

 

   

 

   

 

   

 

   

 

 

Other Financial Instruments(a)

 

 

   

 

   

 

   

 

   

 

 

Liabilities

 

 

   

 

   

 

   

 

   

 

 

Level 1

 

 

   

 

   

 

   

 

   

 

 

Futures Contracts

 

$

 

$

366

 

$

 

$

 

$

Options Written

 

 

 

 

 

 

 

 

88,665

 

 

Total Level 1

 

 

 

 

366

 

 

 

 

88,665

 

 

Level 2

 

 

 

 

 

 

 

 

 

 

Total Level 2

 

 

 

 

 

 

 

 

 

 

Level 3

 

 

 

 

 

 

 

 

 

 

Total Level 3

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

$

366

 

$

 

$

88,665

 

$

99

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

Category

 

HCOW

Investments in Securities

 

 

 

Assets

 

 

 

Level 1

 

 

 

Affiliated Exchange Traded Funds

 

$

2,513,272

Money Market Funds

 

 

276,239

Total Level 1

 

 

2,789,511

Level 2

 

 

 

Total Level 2

 

 

Level 3

 

 

 

Total Level 3

 

 

Total

 

$

2,789,511

   

 

 

Other Financial Instruments(a)

 

 

 

Assets

 

 

 

Level 1

 

 

 

Total Level 1

 

 

Level 2

 

 

 

Total Return Swaps

 

 

11,971

Total Level 2

 

 

11,971

Level 3

 

 

Total Level 3

 

 

Total

 

$

11,971

See the Schedules of Investments for further disaggregation of investment categories.

(a)       Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as options written, total return swap agreements, and futures contracts which are reflected at value.

Below is a reconciliation of securities in Level 3 for the Funds for the year ended October 31, 2023.

 

Balance as of
10
/31/2022

 

Net Realized
Gain (Loss)

 

Net Change in
Unrealized
Appreciation
(Depreciation)

 

Purchases/
Acquisition

 

Sales

 

Corporate
Action

 

Transfers
In
/Out of
Level 3

 

Balance as of
10
/31/2023

 

Net Change
in Unrealized
Appreciation
(Depreciation) on
Securities held at
10
/31/2023

BLOK – Convertible Bonds

 

$

8,496,096

 

$

 

 

$

(1,257,423

)

 

$

 

$

 

 

$

 

$

 

$

7,238,673

 

$

(1,257,423

)

BATT – Common Stocks

 

 

 

 

(40,589

)

 

 

(86,214

)

 

 

636,207

 

 

(271,704

)

 

 

 

 

 

 

237,700

 

 

(86,214

)

100

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

BLOK

 

Fair Value
as of
10
/31/2023

 

Valuation
Techniques

 

Unobservable
Input

 

Range/Weighted
Average Unobservable
Input

 

Impact to Valuation
from an Increase to
Input

Convertible Bonds

 

$

7,238,673

 

Discounted Cash Flow

 

Discount Rate Probability of Recovery

 

N/A/15.385%
N/A/25%

 

Decrease
Increase

BATT

 

Fair Value
as of
10
/31/2023

 

Valuation
Techniques

 

Unobservable
Input

 

Range/Weighted
Average Unobservable
Input

 

Impact to Valuation
from an Increase to
Input

Common Stocks

 

$

237,700

 

Market Approach

 

No Market Activity

 

 

Increase

OPTION WRITING

DIVO and IDVO will each employ an option strategy in which they will write U.S. exchange-traded covered call options on equity securities in the portfolios in order to seek additional income (in the form of premiums on the options) and selective repurchase of such options. A call option written (sold) by DIVO or IDVO will give the holder (buyer) the right to buy a certain equity security at a predetermined strike price from DIVO or IDVO. A premium is the income received by an investor who sells or writes an option contract to another party. DIVO and IDVO seek to lower risk and enhance total return by tactically selling short-term call options on some, or all, of the equity securities in the portfolio. Specifically, DIVO seeks to provide gross income of approximately 2-3% from dividend income and 2-4% from option premium, plus the potential for capital appreciation. IDVO seeks to provide gross income of approximately 3-4% from dividend income and 2-4% from option premium, plus the potential for capital appreciation. Unlike a systematic covered call program, DIVO and IDVO are not obligated to continuously cover each individual equity position. When one of the underlying stocks demonstrates strength or an increase in implied volatility, DIVO and IDVO identify that opportunity and sell call options tactically, rather than keeping all positions covered and limiting potential upside.

When DIVO or IDVO write an option, an amount equal to the premium received by DIVO or IDVO, respectively is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by DIVO and IDVO on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether DIVO or IDVO has realized a gain or loss. DIVO and IDVO, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option. During the period, DIVO and IDVO used written covered call options in a manner consistent with the strategy described above.

SWAN, ISWN, and QSWN’s investments in options contracts will primarily be long-term equity anticipation securities known as LEAP Options. LEAP Options are long-term exchange-traded call options that allow holders the opportunity to participate in the underlying securities’ appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities. A holder of a LEAP Option will be entitled to receive a specified number of shares of the underlying stock upon payment of the exercise price, and therefore the LEAP Option will be exercisable at any time the price of the underlying stock is above the strike price. However, if at expiration the price of the underlying stock is at or below the strike price, the LEAP Option will expire and be worthless.

101

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

SWAP AGREEMENTS

CNBS and HCOW may enter total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are contracts entered into primarily with major financial institutions for a specified period ranging from a day to more than one year. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. The marked-to-market value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to market value of a total return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of a total return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral for the benefit of its counterparty. Investments and cash provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value and collateral for swaps, respectively, on the Statements of Assets and Liabilities and investments are noted on the Schedules of Investments. Assets and cash collateral provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s net asset value. HCOW intends to use swaps on the Call Income Strategy’s sold call options on the S&P 500 Index.

FUTURES CONTRACTS

IWIN may use futures contracts to seek to enhance return, to hedge some of the risk of its investments in securities, as a substitute for a position in the underlying asset, to reduce transaction costs, to maintain full market exposure (which means to adjust the characteristics of their investments to more closely approximate those of the markets in which it invests), to manage cash flows, to limit exposure to losses due to changes to non-U.S. currency exchange rates or to preserve capital.

The value of derivative instruments on the Statements of Assets and Liabilities as of October 31, 2023 is as follows:

 

Derivatives

 

Statement of Assets and Liabilities

 

Value

DIVO

 

Equity Contracts - Options

 

Options Written, at value (liability)

 

$

3,144,800

SWAN

 

Equity Contracts - Options

 

Investments, at Value (asset)

 

 

13,870,971

CNBS

 

Equity Contracts - Swaps

 

Net Unrealized Depreciation on Swaps (liability)

 

 

2,845,472

ISWN

 

Equity Contracts - Options

 

Investments, at Value (asset)

 

 

2,416,725

QSWN

 

Equity Contracts - Options

 

Investments, at Value (asset)

 

 

266,370

IWIN

 

Commodity Contracts - Futures

 

Net Unrealized Appreciation on Futures (asset)

 

 

4,668

IDVO

 

Equity Contracts - Options

 

Options Written, at value (liability)

 

 

88,665

HCOW

 

Equity Contracts - Swaps

 

Net Unrealized Depreciation on Swaps (liability)

 

 

11,971

102

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2023 is as follows:

 

Derivatives

 

Location of Gains (Losses) on
Derivatives Recognized in Income

 

Net Realized Gain
(Loss)

 

Net Change in
Unrealized Appreciation
(Depreciation)

DIVO

 

Equity Contracts

 

Options Written

 

$

37,329,803

 

 

$

2,947,341

 

SWAN

 

Equity Contracts

 

Options Purchased(a)

 

 

(19,333,280

)

 

 

16,159,562

 

CNBS

 

Equity Contracts

 

Swaps

 

 

(4,856,502

)

 

 

(4,282,933

)

ISWN

 

Equity Contracts

 

Options Purchased(a)

 

 

(1,542,701

)

 

 

1,476,208

 

QSWN

 

Equity Contracts

 

Options Purchased(a)

 

 

(45,180

)

 

 

188,509

 

IWIN

 

Commodity Contracts

 

Long Futures

 

 

388,944

 

 

 

4,060

 

IDVO

 

Equity Contracts

 

Options Written

 

 

258,327

 

 

 

66,890

 

HCOW

 

Equity Contracts

 

Swaps

 

 

5,228

 

 

 

11,971

 

(a)   Realized and unrealized gain (loss) on options purchased is included within the net realized and unrealized gain (loss) on investments balance on the Statemtents of Operations.

The average monthly value of derivative activity during the year ended October 31, 2023 is as follows:

 

DIVO

 

SWAN

 

CNBS

 

ISWN

 

QSWN

 

IWIN

 

IDVO

 

HCOW

Average Market Value

 

 

 

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

Options Written

 

$

(2,901,552

)

 

$

 

$

 

$

 

$

 

$

 

$

(49,896

)

 

$

Options Purchased

 

 

 

 

 

19,768,094

 

 

 

 

3,589,429

 

 

253,788

 

 

 

 

 

 

 

   

 

 

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

Average Notional Value

 

 

 

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

Total Return Swaps

 

 

 

 

 

 

 

11,756,587

 

 

 

 

 

 

 

 

 

 

 

2,226,189

Futures Contracts – Long

 

 

 

 

 

 

 

 

 

 

 

 

 

1,665,486

 

 

 

 

 

OFFSETTING ASSETS AND LIABILITIES

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of Master Netting Arrangement.

Assets

             

Gross Amounts not offset
in the Statement of Assets
and Liabilities

   

Description/Counterparty

 

Gross
Amounts of
Recognized
Assets

 

Gross
Amounts
Offset in the
Statement of
Assets and
Liabilities

 

Net Amounts
Presented in
the Statement
of Assets and
Liabilities

 

Financial
Instruments

 

Collateral
Received

 

Net Amount

HCOW

 

 

   

 

   

 

   

 

   

 

   

 

 

Swaps Executed

 

 

   

 

   

 

   

 

   

 

   

 

 

Goldman Sachs

 

$

11,971

 

$

 

$

11,971

 

$

 

$

 

$

11,971

103

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

Liabilities

             

Gross Amounts not offset
in the Statement of Assets
and Liabilities

   

Description/Counterparty

 

Gross
Amounts of
Recognized
Liabilities

 

Gross
Amounts
Offset in the
Statement of
Assets and
Liabilities

 

Net Amounts
Presented in
the Statement
of Assets and
Liabilities

 

Financial
Instruments

 

Collateral
Pledged

 

Net Amount

CNBS

 

 

   

 

   

 

   

 

   

 

   

 

 

Swaps Executed

 

 

   

 

   

 

   

 

   

 

   

 

 

Nomura Global Financial Products, Inc.

 

$

2,845,472

 

$

 

$

2,845,472

 

$

 

$

2,845,472

 

$

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

SHORT POSITIONS

When a Fund sells a security it does not own (known as a “short” position), it must buy or borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. For financial statement purposes, cash proceeds from securities sold short, if any, are included in the Statements of Assets and Liabilities as deposits at broker for securities sold short. The amount of the securities sold short, shown as a liability, is subsequently marked-to-market to reflect the current value of the short positions. Subsequent fluctuations in the market prices of securities sold short may require purchasing the securities at prices which could differ from the amount reflected in the Statements of Assets and Liabilities. A Fund is liable for any dividends or interest payable on securities while those securities are in a short position. Dividend and interest expense paid by the Funds, if any, are displayed in the Expenses section of the Statements of Operations.

SHARE VALUATION

The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Funds is equal to the Funds’ NAV.

USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains (loss) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent

104

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on foreign currency transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

SECURITY TRANSACTIONS AND INVESTMENT INCOME

Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method.

Paid-in-kind (“PIK”) interest income received in the form of securities in-lieu of cash are recorded at the par value of the securities received. PIK accrues to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date.

Distributions received from YYY’s investments in closed-end funds (“CEFs”) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the CEFs and management’s estimates of such amounts based on historical information. These estimates are adjusted with the tax returns after the actual source of distributions has been disclosed by the CEFs and may differ from the estimated amounts.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income and net realized capital gains, if any, will be declared and paid at least annually by the Funds. All distributions are recorded on the ex-dividend date.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investments and foreign currency for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings/(accumulated deficit) and paid-in capital, as appropriate, in the period that the differences arise.

GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect risk of loss to be remote.

ORGANIZATIONAL AND OFFERING COSTS

All organizational costs incurred to establish the Funds were paid by the Adviser and are not subject to reimbursement.

3.    AGREEMENTS

The Adviser serves as investment adviser to the Funds. Pursuant to an Investment Management Agreement (the “Management Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust.

105

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

Under the Management Agreement, the Funds will pay the following investment advisory fees to the Adviser as compensation for the services rendered, facilities furnished, and expenses paid by it (with the exception of CNBS), including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees, but excluding interest, taxes, brokerage commissions, and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 Plan, if any, and extraordinary expenses.

Fund

 

Annual Rate of
Average Daily
Net Assets

YYY

 

0.50%

IBUY

 

0.65%

DIVO

 

0.55%

BLOK

 

0.70%

BATT

 

0.59%

SWAN

 

0.49%

EMFQ

 

0.69%

CNBS

 

0.65%

ISWN

 

0.49%

MVPS

 

0.49%

QSWN

 

0.49%

IWIN

 

0.85%

NDIV

 

0.59%

IDVO

 

0.65%

COWS

 

0.39%

HCOW

 

0.65%

Pursuant to a contractual agreement between the Trust on behalf of CNBS, the Adviser has agreed to waive or reduce its fees to assume other expenses of CNBS, if necessary, in amounts that limit CNBS’ total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.75% of the average daily net assets of CNBS. For the year ended October 31, 2023, the Adviser’s management fee was reduced by $195,223 and the Adviser reimbursed $7,609 of the Fund’s expenses. This contractual agreement expires on March 1, 2024. The Adviser is entitled to recoup any fees that it waived and/or fund expenses that it paid for a period of three years following such fee waivers and/or expense payments per the Expense Reimbursement and Fee Waiver Agreement as outlined in the schedule below:

Recoupment Expiration

 

Amount of
Recoupment

October 31, 2024

 

$

227,383

October 31, 2025

 

$

204,674

October 31, 2026

 

$

202,832

Pursuant to a contractual agreement between the Trust, on behalf of COWS, management fees paid to the Adviser were reduced by 0.39%. For the period ended October 31, 2023, the Adviser’s management fee was reduced by $1,875. This contractual agreement will continue until September 12, 2024. The Adviser is not eligible to recoup these amounts.

106

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

The Adviser has contractually agreed to waive the proportionate amount of the COWS’s advisory fee as applied to the net assets of the Fund invested in HCOW, for which the Adviser also serves as investment adviser. As a result, the Adviser receives a management fee of 0.26% from assets of HCOW invested in COWS. Given the fee waiver in COWS, there was no reduction in the management fee in HCOW for the period ended October 31, 2023.

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Penserra Capital Management, LLC (“Penserra”) serves as the Sub-Adviser to YYY, IBUY, and EMFQ. Tidal Investments, LLC, a Tidal Financial Group company, (“Tidal”) serves as the Sub-Adviser to BLOK, BATT, MVPS, IWIN, and NDIV. Penserra and Capital Wealth Planning, LLC (“CWP”) serve as the Sub-Advisers to DIVO and IDVO. Penserra and Seymour Asset Management, LLC (“SAM”) serve as the Sub-Advisers to CNBS. Cerity Partners, LLC (“Cerity”) and Tidal serve as the Sub-Advisers to SWAN, ISWN, and QSWN. Penserra and Kelly Strategic Management, LLC (“Kelly Intelligence”) serve as the Sub-Advisers to COWS and HCOW. (Penserra, together with CWP, Tidal, and Cerity the “Sub-Advisers,” and each, a “Sub-Adviser”). Each Sub-Adviser has responsibility for selecting and continuously monitoring the Fund’s investments. Sub-Advisory fees earned by Penserra, Tidal, Cerity, CWP, SAM, and Kelly Intelligence are paid by the Adviser.

U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds’ custodian, transfer agent and accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (“USB”), an affiliate of Fund Services, serves as the Funds’ custodian and securities lending agent.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.

Certain officers and Trustees of the Trust are also officers or employees of the Adviser or its affiliates. The Chief Compliance Officer and the Principal Financial Officer of the Adviser provide services to CNBS and the Advisor is entitled to receive reimbursement from CNBS for their services pursuant to its fee arrangements with CNBS.

4.    SECURITIES LENDING

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending programs administered by the Securities Lending Agents. The securities lending agreements require that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest.

The Funds receive compensation in the form of fees and earn interest on the non-cash and cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of October 31, 2023, YYY, IBUY, BLOK, BATT, EMFQ, CNBS, MVPS, IWIN, NDIV, and IDVO had loaned securities and received cash collateral for the loans. All of the securities on loan were classified as common stocks. The cash collateral is invested by the Securities Lending Agents in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily

107

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agents. The value of the securities on loan and the related collateral as of October 31, 2023, are disclosed in each Fund’s Schedule of Investments and Statement of Assets and Liabilities.

As of October 31, 2023, the values of the securities on loan and payable for collateral due to brokers were as follows:

Fund

 

Value of
Securities on
Loan

 

Payable for
Collateral
Received
(a)

YYY

 

$

7,660,967

 

$

7,804,375

IBUY

 

 

2,250,920

 

 

4,133,342

DIVO

 

 

 

 

BLOK

 

 

64,143,292

 

 

68,724,738

BATT

 

 

12,460,669

 

 

14,662,483

SWAN

 

 

 

 

EMFQ

 

 

99,449

 

 

104,712

CNBS

 

 

1,140,430

 

 

1,455,717

ISWN

 

 

 

 

MVPS

 

 

32,777

 

 

33,574

QSWN

 

 

 

 

IWIN

 

 

8,416

 

 

9,020

NIDV

 

 

143,424

 

 

148,281

IDVO

 

 

2,156,351

 

 

2,220,254

COWS

 

 

 

 

HCOW

 

 

 

 

(a)   The cash collateral received was invested in the First American Government Obligations Fund as shown on the schedule of investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income and daily liquidity by purchasing U.S. government securities and repurchase agreements collateralized by such ogligations.

The interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them (“Securities Lending Income”) is reflected in the Funds’ Statements of Operations.

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

108

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

5.    INVESTMENT TRANSACTIONS

For the year/period ended October 31, 2023, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

Fund

 

Purchases

 

Sales

 

In-Kind Purchases

 

In-Kind Sales

 

U.S. Government
Purchases

 

U.S. Government
Sales

YYY

 

$

166,171,826

 

$

172,459,165

 

$

114,106,760

 

$

37,120,466

 

$

 

$

IBUY

 

 

122,632,857

 

 

121,121,201

 

 

65,755,532

 

 

105,036,590

 

 

 

 

DIVO

 

 

1,586,994,324

 

 

1,718,293,782

 

 

904,511,322

 

 

145,291,518

 

 

 

 

BLOK

 

 

171,761,045

 

 

162,746,957

 

 

16,916,342

 

 

94,465,712

 

 

 

 

BATT

 

 

63,447,259

 

 

70,252,384

 

 

4,314,243

 

 

18,732,766

 

 

 

 

SWAN

 

 

503,357,391

 

 

587,362,699

 

 

 

 

 

 

479,124,669

 

 

568,450,634

EMFQ

 

 

1,311,367

 

 

1,377,669

 

 

 

 

431,616

 

 

 

 

CNBS

 

 

7,137,553

 

 

7,478,703

 

 

913,610

 

 

246,664

 

 

 

 

ISWN

 

 

77,866,963

 

 

70,516,683

 

 

 

 

 

 

73,906,288

 

 

68,253,203

MVPS

 

 

2,567,148

 

 

2,658,786

 

 

 

 

2,375,696

 

 

 

 

QSWN

 

 

4,709,386

 

 

5,074,284

 

 

 

 

403,992

 

 

4,487,562

 

 

5,390,683

IWIN

 

 

2,275,252

 

 

2,110,979

 

 

400,503

 

 

3,816,870

 

 

963,452

 

 

1,089,801

NDIV

 

 

7,701,753

 

 

7,810,992

 

 

11,608,959

 

 

4,416,941

 

 

 

 

IDVO

 

 

19,272,008

 

 

17,745,260

 

 

41,729,779

 

 

3,204,553

 

 

 

 

COWS

 

 

1,020,032

 

 

971,324

 

 

5,341,220

 

 

 

 

 

 

HCOW

 

 

 

 

 

 

2,674,405

 

 

 

 

 

 

During the year ended October 31, 2023, IDVO had a trade error due to incorrect trade instructions. This resulted in a loss to the Fund of $14,367, which was reimbursed to the Fund by an affiliate.

6.    TRANSACTIONS WITH AFFILIATED SECURITIES

Investments in issuers considered to be affiliate(s) of the Funds during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Investments in Amplify Cash Flow Dividend Leaders ETF

 

Amplify Cash
Flow High Income
ETF

Value at September 19, 2023

 

$

 

Purchases at Cost

 

 

2,674,405

 

Proceeds from Sales

 

 

 

Net Realized Gain (Loss)

 

 

 

Change in Unrealized Appreciation/(Depreciation)

 

 

(161,133

)

Value at October 31, 2023

 

$

2,513,272

 

Shares held at October 31, 2023

 

 

107,632

 

Dividend Income

 

$

4,103

 

109

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

7.    FEDERAL INCOME TAXES

As of and during the year ended October 31, 2023, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the year/period ended October 31, 2023, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the year ended October 31, 2023, the Funds did not incur any interest or penalties.

The tax composition of distributions paid during the year/period ended October 31, 2023 for the Funds was as follows:

 

Ordinary Income

 

Capital Gains

 

Return of Capital

YYY

 

$

32,823,110

 

$

 

$

10,544,890

IBUY

 

 

 

 

 

 

DIVO

 

 

60,061,554

 

 

 

 

72,626,691

BLOK

 

 

 

 

 

 

BATT

 

 

6,037,095

 

 

 

 

SWAN

 

 

6,977,010

 

 

 

 

EMFQ

 

 

6,458

 

 

 

 

CNBS

 

 

 

 

 

 

ISWN

 

 

1,056,161

 

 

 

 

MVPS

 

 

 

 

 

 

QSWN

 

 

68,651

 

 

 

 

IWIN

 

 

54,504

 

 

 

 

NDIV

 

 

365,917

 

 

 

 

129,309

IDVO

 

 

866,121

 

 

 

 

583,515

COWS

 

 

6,480

 

 

 

 

HCOW

 

 

20,026

 

 

 

 

The tax composition of distributions paid during the year/period ended October 31, 2022 for the Funds was as follows:

 

Ordinary Income

 

Capital Gains

 

Return of Capital

YYY

 

$

23,924,398

 

$

 

$

13,017,602

IBUY

 

 

 

 

 

 

DIVO

 

 

22,060,258

 

 

10,602,302

 

 

33,000,810

BLOK

 

 

167,906,335

 

 

 

 

BATT

 

 

5,449,017

 

 

 

 

SWAN

 

 

23,594,215

 

 

26,156,250

 

 

EMFQ

 

 

 

 

 

 

 

CNBS

 

 

960

 

 

 

 

ISWN

 

 

704,129

 

 

 

 

MVPS

 

 

 

 

378

 

 

QSWN

 

 

28,429

 

 

 

 

IWIN

 

 

 

 

 

 

NDIV

 

 

8,953

 

 

 

 

848

IDVO

 

 

5,879

 

 

 

 

12,496

The Funds intend to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable income and capital gains to shareholders. Therefore, no federal income or excise tax provision has been made.

110

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

The cost basis of investments and distributable earnings (accumulated deficit) for federal income tax purposes as of October 31, 2023 was as follows:

 

YYY

 

IBUY

 

DIVO

 

BLOK

 

BATT

   

Investments

 

Investments

 

Investments

 

Investments

 

Investments

Tax cost of investments

 

$

433,671,469

 

 

$

285,638,925

 

 

$

2,830,696,279

 

 

$

869,852,986

 

 

$

192,702,877

 

Gross tax unrealized appreciation

 

 

5,395,982

 

 

 

9,347,115

 

 

 

154,590,776

 

 

 

36,451,930

 

 

 

4,034,540

 

Gross tax unrealized depreciation

 

 

(91,483,475

)

 

 

(135,003,540

)

 

 

(145,607,308

)

 

 

(404,558,107

)

 

 

(71,737,730

)

Net tax unrealized appreciation (depreciation)

 

 

(86,087,493

)

 

 

(125,656,425

)

 

 

8,983,468

 

 

 

(368,106,177

)

 

 

(67,703,190

)

Undistributed ordinary income

 

 

 

 

 

 

 

 

 

 

 

12,491,001

 

 

 

3,368,757

 

Undistributed long-term capital gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accumulated gain

 

 

 

 

 

 

 

 

 

 

 

12,491,001

 

 

 

3,368,757

 

Other accumulated gain (loss)

 

 

(66,322,667

)

 

 

(353,671,771

)

 

 

(12,835,884

)

 

 

(439,368,827

)

 

 

(55,249,638

)

Distributable earnings/(accumulated deficit)

 

$

(152,410,160

)

 

$

(479,328,196

)

 

$

(3,852,416

)

 

$

(794,984,003

)

 

$

(119,584,071

)

 

SWAN

 

EMFQ

 

CNBS

 

ISWN

 

MVPS

   

Investments

 

Investments

 

Investments

 

Investments

 

Investments

Tax cost of investments

 

$

197,524,099

 

 

$

3,410,029

 

 

$

98,661,550

 

 

$

41,264,172

 

 

$

4,117,256

 

Gross tax unrealized appreciation

 

 

42,409

 

 

 

115,148

 

 

 

137,164

 

 

 

 

 

 

152,438

 

Gross tax unrealized depreciation

 

 

(17,745,243

)

 

 

(1,568,121

)

 

 

(86,373,465

)

 

 

(4,224,133

)

 

 

(1,812,895

)

Net tax unrealized appreciation (depreciation)

 

 

(17,702,834

)

 

 

(1,452,973

)

 

 

(86,236,301

)

 

 

(4,224,133

)

 

 

(1,660,457

)

Undistributed ordinary income

 

 

505,413

 

 

 

98,136

 

 

 

 

 

 

103,397

 

 

 

 

Undistributed long-term capital gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accumulated gain

 

 

505,413

 

 

 

98,136

 

 

 

 

 

 

103,397

 

 

 

 

Other accumulated gain (loss)

 

 

(114,305,246

)

 

 

(5,943,166

)

 

 

(23,598,137

)

 

 

(12,756,763

)

 

 

(2,429,899

)

Distributable earnings/(accumulated deficit)

 

$

(131,502,667

)

 

$

(7,298,003

)

 

$

(109,834,438

)

 

$

(16,877,499

)

 

$

(4,090,356

)

 

QSWN

 

IWIN

 

NDIV

 

IDVO

 

COWS

   

Investments

 

Investments

 

Investments

 

Investments

 

Investments

Tax cost of investments

 

$

2,235,646

 

 

$

8,885,813

 

 

$

9,328,122

 

 

$

44,808,708

 

 

$

5,395,943

 

Gross tax unrealized appreciation

 

 

72,984

 

 

 

856,783

 

 

 

260,808

 

 

 

1,847,523

 

 

 

48,216

 

Gross tax unrealized depreciation

 

 

(166,690

)

 

 

(1,923,090

)

 

 

(349,731

)

 

 

(2,522,704

)

 

 

(311,341

)

Net tax unrealized appreciation (depreciation)

 

 

(93,706

)

 

 

(1,066,307

)

 

 

(88,923

)

 

 

(675,181

)

 

 

(263,125

)

Undistributed ordinary income

 

 

5,454

 

 

 

337,806

 

 

 

 

 

 

 

 

 

530

 

Undistributed long-term capital gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total accumulated gain

 

 

5,454

 

 

 

337,806

 

 

 

 

 

 

 

 

 

530

 

Other accumulated gain (loss)

 

 

(703,456

)

 

 

(793,346

)

 

 

(177,236

)

 

 

(1,106,508

)

 

 

(4,626

)

Distributable earnings/(accumulated deficit)

 

$

(791,708

)

 

$

(1,521,847

)

 

$

(266,159

)

 

$

(1,781,689

)

 

$

(267,221

)

111

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

 

HCOW

   

Investments

Tax cost of investments

 

$

2,950,644

 

Gross tax unrealized appreciation

 

 

 

Gross tax unrealized depreciation

 

 

(161,133

)

Net tax unrealized appreciation (depreciation)

 

 

(161,133

)

Undistributed ordinary income

 

 

716

 

Undistributed long-term capital gain

 

 

 

Total accumulated gain

 

 

716

 

Other accumulated gain (loss)

 

 

 

Distributable earnings/(accumulated deficit)

 

$

(160,417

)

   

 

 

 

The difference between book and tax-basis cost is attributable to the deferral on wash sales, passive foreign investment companies, deferral on straddles and Swap mark-to-market.

At October 31, 2023, the Funds deferred, on a tax basis, late year ordinary losses of:

 

Late Year
Ordinary Loss
Deferral

YYY

 

$

IBUY

 

 

216,859

DIVO

 

 

BLOK

 

 

BATT

 

 

SWAN

 

 

EMFQ

 

 

CNBS

 

 

ISWN

 

 

MVPS

 

 

310

QSWN

 

 

IWIN

 

 

NDIV

 

 

IDVO

 

 

COWS

 

 

HCOW

 

 

112

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

At October 31, 2023, the Funds had the following capital loss carryforwards:

 

Short-Term

 

Long-Term

 

Expires

YYY

 

$

28,676,146

 

$

37,646,521

 

Unlimited

IBUY

 

 

124,545,169

 

 

228,909,156

 

Unlimited

DIVO

 

 

2,023,577

 

 

13,779,602

 

Unlimited

BLOK

 

 

176,350,224

 

 

263,011,016

 

Unlimited

BATT

 

 

24,296,437

 

 

30,942,939

 

Unlimited

SWAN

 

 

97,281,428

 

 

17,023,818

 

Unlimited

EMFQ

 

 

3,006,507

 

 

2,936,640

 

Unlimited

CNBS

 

 

7,458,346

 

 

16,139,791

 

Unlimited

ISWN

 

 

11,022,768

 

 

1,733,995

 

Unlimited

MVPS

 

 

1,640,757

 

 

788,844

 

Unlimited

QSWN

 

 

697,760

 

 

5,696

 

Unlimited

IWIN

 

 

736,267

 

 

61,747

 

Unlimited

NDIV

 

 

128,541

 

 

48,693

 

Unlimited

IDVO

 

 

1,163,035

 

 

10,004

 

Unlimited

COWS

 

 

4,626

 

 

 

Unlimited

HCOW

 

 

 

 

 

Unlimited

Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to net operating losses, losses from the Fund’s wholly owned subsidiary in IWIN only, prior year return of capital true ups, and redemption-in-kind transactions. For the year ended October 31, 2023, the following table shows the reclassifications made:

 

Distributable
Earnings
(Accumulated
Deficit)

 

Paid-In Capital

YYY

 

$

438,510

 

 

$

(438,510

)

IBUY

 

 

(10,665,576

)

 

 

10,665,576

 

DIVO

 

 

(25,999,586

)

 

 

25,999,586

 

BLOK

 

 

17,647,079

 

 

 

(17,647,079

)

BATT

 

 

(1,204,552

)

 

 

1,204,552

 

SWAN

 

 

 

 

 

 

EMFQ

 

 

(16,735

)

 

 

16,735

 

CNBS

 

 

7,640,529

 

 

 

(7,640,529

)

ISWN

 

 

 

 

 

 

MVPS

 

 

854,026

 

 

 

(854,026

)

QSWN

 

 

51,885

 

 

 

(51,885

)

IWIN

 

 

405,292

 

 

 

(405,292

)

NDIV

 

 

(350,588

)

 

 

350,588

 

IDVO

 

 

(476,031

)

 

 

476,031

 

COWS

 

 

 

 

 

 

HCOW

 

 

 

 

 

 

113

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

During the year ended October 31, 2023, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from total distributable earnings (accumulated deficit) to paid-in capital.

YYY

 

$

(1,078,203

)

IBUY

 

 

10,741,393

 

DIVO

 

 

25,999,586

 

BLOK

 

 

(17,647,079

)

BATT

 

 

1,204,552

 

SWAN

 

 

 

EMFQ

 

 

16,735

 

CNBS

 

 

(24,912

)

ISWN

 

 

 

MVPS

 

 

(850,391

)

QSWN

 

 

(51,885

)

IWIN

 

 

(401,218

)

NDIV

 

 

350,588

 

IDVO

 

 

476,030

 

COWS

 

 

 

HCOW

 

 

 

8.    PRINCIPAL RISKS

BITCOIN FUTURES RISK (IWIN only)

The market for bitcoin futures may be less developed, less liquid and more volatile than more established futures markets. While the bitcoin futures market has grown substantially since bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits may impact the Fund’s ability to achieve the desired exposure. If the Fund is unable to meet its investment objective, the Fund’s returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so. The Fund’s investment decisions may need to be modified, and commodity contract positions held by the Fund may have to be liquidated at disadvantageous times or prices, to avoid exceeding any applicable position limits established by the CME or the Commodity Futures Trading Commission (“CFTC”), potentially subjecting the Fund to substantial losses. Bitcoin and bitcoin futures contracts are a relatively new asset class and are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could decline rapidly, including to zero.

Margin levels for Bitcoin futures contracts are substantially higher than the margin requirements for more established futures contracts. Additionally, the FCMs utilized by the Fund may impose margin requirements in addition to those imposed by the exchanges. Margin requirements are subject to change and may be raised in the future by the exchanges and the FCMs. High margin requirements could prevent the Fund from obtaining sufficient exposure to Bitcoin futures and may adversely affect its ability to achieve its investment objective. Further, FCMs utilized by the Funds may impose limits on the amount of exposure to futures contracts the Fund can obtain through such FCMs. If the Fund cannot obtain sufficient exposure through its FCMs, the Fund may not be able to achieve its investment objective.

BITCOIN RISK (BLOK and IWIN only)

The Fund expects to have market exposure to cryptocurrencies such as bitcoin. Cryptocurrencies are often referred to as a “virtual currency” or “digital currency,” and operate as a decentralized, peer-to-peer financial exchange and value storage that can be used like money. A cryptocurrency operates without central authority or banks and is not backed by any government. A cryptocurrency is also not

114

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

a legal tender. Federal, state or foreign governments may restrict the use and exchange of a cryptocurrency, and regulation in the U.S. is still developing. Even when held indirectly, investment vehicles may be affected by the high volatility associated with cryptocurrency exposure. Holding a privately offered investment vehicle in its portfolio may cause the Fund to trade at a premium or discount to NAV.

Bitcoin is a relatively new financial innovation and the market for bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the network involved in maintaining the ledger of bitcoin ownership and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of bitcoin may adversely affect the price of bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact bitcoin trading venues. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, bitcoin and bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Legal or regulatory changes may negatively impact the operation of the Bitcoin Network or restrict the use of bitcoin. The realization of any of these risks could result in a decline in the acceptance of bitcoin and consequently a reduction in the value of bitcoin, bitcoin futures, and the Fund.

BIOTECHNOLOGY COMPANIES RISK (CNBS only)

A biotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products and can accordingly be greatly affected if one of its products proves, among other things, unsafe, ineffective or unprofitable. Biotechnology companies are subject to regulation by, and the restrictions of, the FDA, the U.S. Environmental Protection Agency, state and local governments, and non-U.S. regulatory authorities.

BLOCKCHAIN INVESTMENTS RISK (BLOK only)

An investment in companies actively engaged in blockchain technology may be subject to the following risks:

The technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect an investment in the Fund.

Theft, loss or destruction. Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets).

Cyber security incidents. Cyber security incidents may compromise an issuer, its operations or its business. Cyber security incidents may also specifically target user’s transaction history, digital assets, or identity, thereby leading to privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

Developmental risk. Blockchain technology may never develop optimized transactional processes that lead to realized economic returns for any company in which the Fund invests. Companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies. The development of new or competing platforms may cause consumers and investors to use alternatives to blockchains.

Intellectual property claims. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Fund.

Lack of liquid markets, and possible manipulation of blockchain-based assets. Digital assets that are represented and trade on a blockchain may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements and vet issuers, and perhaps users. These conditions may not necessarily be replicated on a blockchain, depending on the platform’s controls and other policies. The more

115

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

lenient a blockchain is about vetting issuers of digital assets or users that transact on the platform, the higher the potential risk for fraud or the manipulation of digital assets. These factors may decrease liquidity or volume or increase volatility of digital securities or other assets trading on a blockchain.

Lack of regulation. Digital commodities and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. Because blockchain works by having every transaction build on every other transaction, participants can self-police any corruption, which can mitigate the need to depend on the current level of legal or government safeguards to monitor and control the flow of business transactions. As a result, companies engaged in such blockchain activities may be exposed to adverse regulatory action, fraudulent activity or even failure.

Third party product defects or vulnerabilities. Where blockchain systems are built using third party products, those products may contain technical defects or vulnerabilities beyond a company’s control. Open-source technologies that are used to build a blockchain application, may also introduce defects and vulnerabilities.

Reliance on the Internet. Blockchain functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Fund. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

CANNABIS INDUSTRY RISK (CNBS only)

Companies involved in the cannabis industry face competition, may have limited access to the services of banks, may have substantial burdens on company resources due to litigation, complaints or enforcement actions, and are heavily dependent on receiving necessary permits and authorizations to engage in medical cannabis research or to otherwise cultivate, possess or distribute cannabis. Since the use of cannabis is illegal under U.S. federal law, federally regulated banking institutions may be unwilling to make financial services available to growers and sellers of cannabis.

COMMODITY-LINKED DERIVATIVES RISK (IWIN only)

Investments linked to the prices of commodities may be considered speculative. Significant investment exposure to commodities may subject the Fund to greater volatility than investments in traditional securities. Therefore, the value of such instruments may be volatile and fluctuate widely based on a variety of macroeconomic factors or commodity-specific factors. At times, price fluctuations may be quick and significant and may not correlate to price movements in other asset classes. A liquid secondary market may not exist for certain commodity-linked derivatives, which may make it difficult for the Fund to sell them at a desirable price or at the price at which it is carrying them.

COMMODITY REGULATORY RISK (IWIN only)

The Fund’s investment decisions may need to be modified, and commodity contract positions held by the Fund may have to be liquidated at disadvantageous times or prices, to avoid exceeding any applicable position limits established by the CFTC, potentially subjecting the Fund to substantial losses. The regulation of commodity transactions in the United States is subject to ongoing modification by government, self-regulatory and judicial action. The effect of any future regulatory change with respect to any aspect of the Fund is impossible to predict, but could be substantial and adverse to the Fund.

COMMODITIES RISK (IWIN only)

Commodity prices can have significant volatility, and exposure to commodities can cause the value of a Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. The values of commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments, and factors affecting a particular region, industry or commodity, such as drought, floods, or other weather conditions, livestock disease, changes in storage costs, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. A liquid

116

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

secondary market may not exist for certain commodity investments, which may make it difficult for the Fund to sell them at a desirable price or at the price at which it is carrying them. The commodity markets are subject to temporary distortions or other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. The Fund is subject to the risk that a commodity price will change from one level to another between periods of trading. Usually such movements occur when there are adverse news announcements, which can cause a commodity price to drop substantially from the previous day’s closing price.

CONCENTRATION RISK (YYY, EMFQ, and MVPS only)

To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. The Fund may be susceptible to loss due to adverse occurrences to the extent that the Fund’s investments are concentrated in a particular issuer or issuers, region, market, industry, group of industries, sector or asset class.

CONSTRUCTION AND HOMEBUILDING COMPANIES RISK (IWIN only)

Construction and homebuilding companies may be significantly affected by changes in demand for their specific products or services, government spending, zoning laws, general economic conditions, commodity prices, consumer confidence and spending, taxation, demographic patterns, real estate values, labor relations and government regulations. Such companies can also be significantly affected by the national, regional and local real estate markets. This industry is also sensitive to interest rate fluctuations which can cause changes in the availability of mortgage capital and directly affect the purchasing power of potential homebuyers. The building industry can be significantly affected by changes in government spending, consumer confidence, demographic patterns and the level of new and existing home sales.

COUNTERPARY RISK (CNBS and HCOW only)

The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular securities without actually purchasing those securities. The Fund’s use of such financial instruments, including swap arrangements, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.

COVERED CALL RISK (DIVO and IDVO only)

Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. In addition, as the Fund writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.

FINANCIAL COMPANIES RISK

Financial companies, such as retail and commercial banks, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans) and competition from new entrants and blurred distinctions in their fields of business.

FINANCIAL TECHNOLOGY (“FINTECH”) RISK (EMFQ only)

FinTech companies may be adversely impacted by government regulations, economic conditions and deterioration in markets. These companies may have significant exposure to consumers and businesses, including small businesses, in the form of loans and other financial products or services. FinTech companies typically face intense competition and potentially rapid product obsolescence. In addition, many FinTech companies store sensitive consumer information and could be the target of cybersecurity attacks and other

117

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

types of theft, which could have a negative impact on these companies. Many FinTech companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some FinTech companies. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. FinTech companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of FinTech companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on FinTech companies.

FOREIGN INVESTMENT RISK

Securities issued by Non-U.S. companies present risks beyond those of securities of U.S. issuers. Risks of investing in the securities of foreign companies include: different accounting standards; expropriation, nationalization or other adverse political or economic developments; currency devaluation, blockages or transfer restrictions; changes in foreign currency exchange rates; taxes; restrictions on foreign investments and exchange of securities; and less government supervision and regulation of issuers in foreign countries. Prices of foreign securities also may be more volatile.

FUND OF FUNDS RISK (YYY only)

Because the Fund is a fund of funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise the Index. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, in addition to its own fees and expenses. In addition, at times certain segments of the market represented by constituent Underlying Funds may be out of favor and underperform other segments.

FUTURES CONTRACT RISK (IWIN only)

Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. The costs associated with rolling bitcoin futures typically are substantially higher than the costs associated with other futures contracts and may have a significant adverse impact on the performance of the Fund. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, as well as gain, to the investor. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount initially invested in the futures contract. However, the Fund would presumably have sustained comparable losses if, instead of investing in the futures contract, it had invested in the underlying financial instrument and sold it after the decline.

HEALTH CARE COMPANIES RISK (CNBS only)

Health care companies are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, and an increased emphasis on the delivery of healthcare through outpatient services. Health care companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of the companies. Health care companies are also subject to extensive litigation

118

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies, or other market developments. Many new products in the health care field require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

INFORMATION TECHNOLOGY COMPANIES RISK (IBUY, BLOK, and EMFQ only)

Information technology companies are generally subject to the following risks: rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

LEVERAGE RISK (YYY only)

Leverage may result from ordinary borrowings or may be inherent in the structure of certain Underlying Fund investments such as derivatives. If the prices of those investments decrease, or if the cost of borrowing exceeds any increase in the prices of those investments, the NAV of the Underlying Fund’s shares will decrease faster than if the Underlying Fund had not used leverage. To repay borrowings, an Underlying Fund may have to sell investments at a time and at a price that is unfavorable to the Underlying Fund. Interest on borrowings is an expense the Underlying Fund would not otherwise incur. Leverage magnifies the potential for gain and the risk of loss. If an Underlying Fund uses leverage, there can be no assurance that the Underlying Fund’s leverage strategy will be successful.

MARKET EVENTS RISK

Turbulence in the economic, political and financial system has historically resulted, and may continue to result, in an unusually high degree of volatility in the capital markets. Both domestic and foreign capital markets have been experiencing increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected, and t is uncertain whether or for how long these conditions could continue. Reduced liquidity in equity, credit and fixed-income markets may adversely affect many issuers worldwide. This reduced liquidity may result in less money being available to purchase raw materials, goods and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in small or emerging market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their security prices. These events and possible continued market turbulence may have an adverse effect on the Fund.

In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of a Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund’s Shares and result in increased market volatility. During any such events, a Fund’s Shares may trade at increased premiums or discounts to their NAV.

Health crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests and negatively impact a Fund’s investment return.

For example, an outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in

119

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty that has negatively affected the economic environment. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

In addition, the operations of a Fund, the Adviser and a Fund’s other service providers may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity’s personnel.

MARKET PRICE DISCOUNT FROM/PREMIUM TO NET ASSET VALUE RISK (YYY only)

The shares of the Underlying Funds may trade at a discount or premium to their NAV. This characteristic is a risk separate and distinct from the risk that an Underlying Fund’s NAV could decrease as a result of investment activities. Whether investors, such as the Fund, will realize gains or losses upon the sale of shares will depend not on the Underlying Funds’ NAVs, but entirely upon whether the market price of the Underlying Funds’ shares at the time of sale is above or below an investor’s purchase price for shares.

METALS AND MINING COMPANIES RISK (BATT and NDIV only)

The Fund will invest in securities that are issued by and/or have exposure to, companies primarily involved in the metals and mining industry. Investments in metals and mining companies may be speculative and subject to greater price volatility than investments in other types of companies. The profitability of companies in the metals and mining industry is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s Share price may be more volatile than other types of investments. In addition, metals and mining companies may be significantly affected by changes in global demand for certain metals, economic developments, energy conservation, the success of exploration projects, changes in exchange rates, interest rates, economic conditions, tax treatment, trade treaties, and government regulation and intervention, and events in the regions that the companies to which the Fund has exposure operate (e.g., expropriation, nationalization, confiscation of assets and property, the imposition of restrictions on foreign investments or repatriation of capital, military coups, social or political unrest, violence and labor unrest). Metals and mining companies may also be subject to the effects of competitive pressures in the metals and mining industry.

MINERAL MINING RISK (IWIN only)

The Fund is subject to certain risks associated with companies involved in mining. Competitive pressures may have a significant effect on the financial condition of such companies. Mining companies are highly dependent on the price of the underlying metal or element. These prices may fluctuate substantially over short periods of time so the Fund’s Share price may be more volatile than other types of investments. In particular, a drop in the price of green metals would particularly adversely affect the profitability of small- and medium-capitalization mining companies and their ability to secure financing. Furthermore, companies that are only in the exploration stage are typically unable to adopt specific strategies for controlling the impact of such price changes. A significant amount of the companies may be early stage mining companies that are in the exploration stage only or that hold properties that might not ultimately produce these metals. Exploration and development involves significant financial risks over a significant period of time which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties which are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, many early stage miners operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage mining company than for a more established counterpart.

ONLINE RETAIL RISK (IBUY only)

Companies that operate in the online marketplace, retail and travel segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace, retail and travel segments to reduce profit margins in order to compete. Profit margins in the travel industry are particularly sensitive to seasonal demand, fuel costs and consumer perception of various risks associated with travel to various destinations. Due to the

120

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

nature of their business models, companies that operate in the online marketplace, retail and travel segments may also be subject to heightened cybersecurity risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace, retail and travel segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses.

OPTIONS RISK (SWAN, ISWN, and QSWN only)

Investing in options, including LEAP Options, and other instruments with option-type elements may increase the volatility and/or transaction expenses of the Fund. An option may expire without value, resulting in a loss of the Fund’s initial investment and may be less liquid and more volatile than an investment in the underlying securities. The Fund’s ability to close out its position as a purchaser of a call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund may also purchase over-the-counter call options, which involves risks different from, and possibly greater than, the risks associated with exchange-listed call options. In some instances, over-the-counter call options may expose the Fund to the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty’s creditworthiness could adversely affect the instrument. In addition, the Fund may be exposed to a risk that losses may exceed the amount originally invested.

PHARMACEUTICAL COMPANIES RISK (CNBS only)

Companies in the pharmaceutical industry can be significantly affected by, among other things, government approval of products and services, government regulation and reimbursement rates, product liability claims, patent expirations and protection of intense competition.

POOLED INVESTMENT VEHICLE RISK (BLOK and IWIN only)

The Fund may invest in Commodity-Linked Instruments, including ETFs and shares of other pooled investment vehicles. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying pooled investment vehicle. Pooled investment vehicles that invest in commodities are subject to the risks associated with direct investments in those commodities. The price and movement of a pooled investment vehicle designed to track an index may not track the index and may result in a loss. Certain pooled investment vehicles traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. Certain pooled investment vehicles may also not have the protections applicable to other types of investments under federal securities or commodities laws and may be subject to counterparty or credit risk.

The Fund may obtain exposure to bitcoin through the Grayscale Bitcoin Trust (“GBTC”). GBTC is a private investment fund that is not regulated under the 1940 Act. The shares of the Grayscale Bitcoin Trust may trade at a premium or discount, may not directly correspond to the price of Bitcoin, and are highly volatile. The Fund may also obtain exposure to bitcoin by investing in U.S. listed instruments. These instruments may be subject to investment advisory and other expenses, which would be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in these instruments and may be higher than other funds that invest directly in stocks and bonds.

RARE EARTH METAL COMPANIES RISK (BATT only)

Rare earth metals have more specialized uses and are often more difficult to extract. The use of strategic metals in modern technology has increased dramatically over the past years. Consequently, the demand for these metals has strained supply, which has the potential to result in a shortage of such materials which could adversely affect the companies in the Fund’s portfolio. Companies involved in the various activities that are related to the mining, refining and/or manufacturing of rare earth metals tend to be small-, medium- and micro-capitalization companies with volatile share prices, are highly dependent on the price of rare earth metals, which may fluctuate

121

Amplify ETF Trust

  

Notes to the Financial Statements

October 31, 2023 (Continued)

substantially over short periods of time. The value of such companies may be significantly affected by events relating to international, national and local political and economic developments, energy conservation efforts, the success of exploration projects, commodity prices, tax and other government regulations, depletion of resources, and mandated expenditures for safety and pollution control devices. The mining, refining and/or manufacturing of rare earth metals can be capital intensive and, if companies involved in such activities are not managed well, the share prices of such companies could decline even as prices for the underlying rare earth metals are rising. In addition, companies involved in the various activities that are related to the mining, refining and/or manufacturing of rare earth metals may be at risk for environmental damage claims.

Russian and Ukraine Securities RISK

The continued hostilities between the two countries may still result in more widespread conflict and could have a severe adverse effect on the region and the markets. Sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have additional significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events.

9.    RECENT ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

10.    SUBSEQUENT EVENTS

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosure and/or adjustment.

122

Amplify ETF Trust

  

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Trustees of
Amplify ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, options written, open futures contracts, and total return swaps (as applicable), of Amplify ETF Trust comprising the funds listed below (the “Funds”) as of October 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Statements of Operations

Statements of Changes in Net Assets

Financial Highlights

Amplify High Income ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the years ended October 31, 2023, 2022, 2021, and 2020, the period from January 1, 2019 through October 31, 2019, and the year ended December 31, 2018

Amplify Online Retail ETF, Amplify CWP Enhanced Dividend Income ETF, Amplify Transformational Data Sharing ETF, and Amplify Lithium & Battery Technology ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the years ended October 31, 2023, 2022, 2021, 2020, and 2019

Amplify BlackSwan Growth & Treasury Core ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the years ended October 31, 2023, 2022, 2021, and 2020 and the period from November 5, 2018 (commencement of operations) through October 31, 2019

Amplify Emerging Markets FinTech ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the years ended October 31, 2023, 2022, 2021, and 2020 and the period from January 29, 2019 (commencement of operations) through October 31, 2019

Amplify Seymour Cannabis ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the years ended October 31, 2023, 2022, 2021, and 2020 and the period from July 22, 2019 (commencement of operations) through October 31, 2019

Amplify BlackSwan ISWN ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the year ended October 31, 2023 and 2022 and the period from January 25, 2021 (commencement of operations) through October 31, 2021

Amplify Thematic All-Stars ETF

For the year ended October 31, 2023

For the years ended October 31, 2023 and 2022

For the year ended October 31, 2023 and 2022 and the period from July 20, 2021 (commencement of operations) through October 31, 2021

Amplify BlackSwan Tech & Treasury ETF

For the year ended October 31, 2023

For the year ended October 31, 2023 and the period from December 8, 2021 (commencement of operations) through October 31, 2022

123

Amplify ETF Trust

  

Report of Independent Registered Public Accounting Firm

(Continued)

Fund Name

Statements of Operations

Statements of Changes in Net Assets

Financial Highlights

Amplify Inflation Fighter ETF*

For the year ended October 31, 2023

For the year ended October 31, 2023 and the period from February 1, 2022 (commencement of operations) through October 31, 2022

Amplify Natural Resources Dividend Income ETF

For the year ended October 31, 2023

For the year ended October 31, 2023 and the period from August 23, 2022 (commencement of operations) through October 31, 2022

Amplify International Enhanced Dividend Income ETF

For the year ended October 31, 2023

For the year ended October 31, 2023 and the period from September 7, 2022 (commencement of operations) through October 31, 2022

Amplify Cash Flow Dividend Leaders ETF

For the period from September 12, 2023 (commencement of operations) through October 31, 2023

Amplify Cash Flow High Income ETF

For the period from September 19, 2023 (commencement of operations) through October 31, 2023

*   The financial statements referred to throughout are consolidated.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian, brokers and counterparties; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2015. We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
December 28, 2023

124

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023

AMPLIFY HIGH INCOME ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 12, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify YieldShares High Income ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (the “Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about December 11, 2018 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval for an additional one year term. In preparation for the meetings regarding the additional one year term, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. Thus, a meeting was held on September 15, 2020, to discuss and review the Agreements with respect to the Fund. At the September 15, 2020 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term. Thereafter, the Board held meetings on September 14, 2021, September 13, 2022 and September 12, 2023 to discuss and review the Agreements with respect to the Fund for an additional one year term following the previous approval. At each of those meetings, the Board, including the Independent Trustees, after reviewing the information provided by the Adviser and the Sub-Adviser, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term.

Prior to the meeting held on September 12, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser; (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser; and (iii) the existence, or anticipated existence, of economies of scale. Prior to and at the meeting held on September 12, 2023, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser’s and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser’s and the Sub-Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and the Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and the Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser to the Fund under the respective Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.50% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed this Fund to the Board’s satisfaction over the course of the previous years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed

125

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Adviser with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Adviser, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Adviser’s views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Adviser had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

126

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

AMPLIFY ONLINE RETAIL ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 12, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Online Retail ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (the “Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about November 5, 2015 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval for an additional one year term. In preparation for the meetings regarding the additional one-year term, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. Thus, a meeting was held on September 12, 2017, to discuss and review the Agreements with respect to the Fund. At the September 12, 2017 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term. Thereafter, the Board held meetings on September 18, 2018 and September 17, 2019, September 15, 2020, September 14, 2021 and September 13, 2022 to discuss and review the Agreements with respect to the Fund for an additional one-year term following the previous approval. At each of those meetings, the Board, including the Independent Trustees, after reviewing the information provided by the Adviser and the Sub-Adviser approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term.

Prior to the meeting held on September 12, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser; and (iii) the existence, or anticipated existence, of economies of scale. Prior to and at the meeting held on September 12, 2023, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser’s and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser’s and the Sub-Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and the Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and the Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser to the Fund under the respective Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.65% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed this Fund to the Board’s satisfaction over the course of the previous years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed

127

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Adviser with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Adviser, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Adviser’s views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Adviser had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

128

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

AMPLIFY BLACKSWAN GROWTH & TREASURY CORE ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 12, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify BlackSwan Growth & Treasury Core ETF (the “Fund”); an Investment Sub-Advisory Agreement between the Adviser) and the Sub-Advisers, Tidal Investments, LLC (“Tidal”) and Cerity Partners, LLC (“Cerity”). Tidal and Cerity will be hereinafter referred to collectively as the “Sub-Advisers”.

The Fund was originally approved by the Board and its Independent Trustees on or about September 18, 2018 and October 4, 2018 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval for an additional one year term. In preparation for the meetings regarding the additional one-year term, the Board requests and reviews a wide variety of information from the Adviser and the sub-advisers, who at the time were Tidal and ARGI Investment Services LLC (“ARGI”). Thus, a meeting was held on September 15, 2020, to discuss and review the Agreements with respect to the Fund. At the September 15, 2020 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser; Tidal and ARGI as the Sub-Adviser and their respective Agreements for an additional one-year term. Thereafter, the Board held meetings on September 14, 2021 and September 13, 2022 to discuss and review the Agreements with respect to the Fund for the additional one-year terms following the previous approval. At the September 14, 2021 and September 13, 2022 meetings, the Board, including the Independent Trustees, after reviewing the information provided by the Adviser and Toroso and ARGI as the sub-advisers, approved the retention of the Adviser and Tidal and ARGI as the Sub-Advisers and their respective Agreements for an additional one-year term. The Board was recently advised that ARGI has merged with and into Cerity and convened a meeting on March 15, 2023 to approve Cerity as the sub-adviser to the Fund, replacing ARGI. At the meeting on September 12, 2023, the Board reviewed and approved the Adviser, Tidal and Cerity as the Sub-Advisers, and their respective Agreement for an additional one-year term.

Prior to the meeting held on September 12, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Advisers regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Advisers; (ii) the Adviser’s and the Sub-Advisers’ costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Advisers; and (iii) the existence, or anticipated existence, of economies of scale. Prior to and at the meeting held on September 12, 2023, representatives from the Adviser and the Sub-Advisers, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser’s and the Sub-Advisers’ fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Advisers provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser’s and the Sub-Advisers’ oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Advisers and the personnel and resources of the Adviser and Sub-Advisers, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and the Sub-Advisers regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers to the Fund under the respective Agreement were expected to be appropriate and reasonable.

129

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.49% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Advisers had managed this Fund to the Board’s satisfaction over the course of the previous years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Advisers, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Advisers. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Advisers on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Advisers with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Advisers as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Advisers, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Advisers’ views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Advisers had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

130

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

FOR AMPLIFY BLACKSWAN ISWN ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 12, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify BlackSwan ISWN ETF (the “Fund”); an Investment Sub-Advisory Agreement between the Adviser) and the Sub-Advisers, Tidal Investments, LLC (“Tidal”) and Cerity Partners, LLC (“Cerity”). Tidal and Cerity will be hereinafter referred to collectively as the “Sub-Advisers”.

The Fund was originally approved by the Board and its Independent Trustees on or about December 8, 2020 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval for an additional one year term. In preparation for the meeting regarding the additional one year term, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Advisers, who at the time were Tidal and ARGI Investment Services LLC (“ARGI”). Thus, a meeting was held on September 14, 2021, to discuss and review the Agreements with respect to the Fund. At the September 14, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser; Tidal and ARGI as the Sub-Adviser and their respective Agreements for an additional one-year term. Thereafter, the Board held a meeting on September 13, 2022 and September 12, 2023 to discuss and review the Agreements with respect to the Fund for the additional one-year terms following the previous approval. At the September 13, 2022 and September 12, 2023 meetings, the Board, including the Independent Trustees, after reviewing the information provided by the Adviser and Tidal and ARGI as the sub-advisers, approved the retention of the Adviser and Tidal and ARGI as the Sub-Advisers and their respective Agreements for an additional one-year term. The Board was recently advised that ARGI has merged with and into Cerity and convened a meeting on March 15, 2023 to approve Cerity as the sub-adviser to the Fund, replacing ARGI. At the meeting on September 12, 2023, the Board reviewed and approved the Adviser, Tidal and Cerity as the Sub-Advisers, and their respective Agreement for an additional one-year term.

Prior to the meeting held on September 12, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Advisers regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Advisers; (ii) the Adviser’s and the Sub-Advisers’ costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Advisers; and (iii) the existence, or anticipated existence, of economies of scale. Prior to and at the meeting held on September 12, 2023, representatives from the Adviser and the Sub-Advisers, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser’s and the Sub-Advisers’ fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Advisers provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser’s and the Sub-Advisers’ oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Advisers and the personnel and resources of the Adviser and Sub-Advisers, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and the Sub-Advisers regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers to the Fund under the respective Agreement were expected to be appropriate and reasonable.

131

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.49% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Advisers had managed this Fund to the Board’s satisfaction over the course of the previous years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Advisers, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Advisers. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Advisers on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Advisers with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Advisers as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Advisers, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Advisers’ views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Advisers had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

132

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

FOR AMPLIFY THEMATIC ALL-STARS ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 13, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Thematic All-Stars ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Tidal Investments, LLC (“Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about June 8, 2021 for an initial two-year term. During the initial approval, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. At the June 8, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for the initial two-year term. Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew the Agreements for an additional one-year term using the same process identified above.

On or about June 13, 2023, the Board called and held a meeting to decide whether to approve the Agreements for an additional one-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. At the June 13, 2023 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term.

Prior to the meeting held on June 13, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser; (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser; and (iii) the existence, or anticipated existence, of economies of scale.

Prior to and at the meeting held on June 13, 2021, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser to the Fund under the respective Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed initial investment management fee of 0.49% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed this Fund to the Board’s satisfaction over the course of the previous two years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser

133

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Adviser with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Adviser, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Adviser’s views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate. The Trustees noted that the Adviser and Sub-Adviser had not identified any further benefits that they would derive from their relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

134

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

FOR AMPLIFY BLACKSWAN TECH & TREASURY ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 12, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify BlackSwan Tech & Treasury ETF (the “Fund”); an Investment Sub-Advisory Agreement between the Adviser) and the Sub-Advisers, Tidal Investments, LLC (“Tidal”) and Cerity Partners, LLC (“Cerity”). Tidal and Cerity will be hereinafter referred to collectively as the “Sub-Advisers”.

The Fund was originally approved by the Board and its Independent Trustees on or about September 14, 2021 for an initial two-year term. At the September 14, 2021 meeting, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval for the initial two year term. In preparation for the meetings regarding the initial two year term, the Board requests and reviews a wide variety of information from the Adviser and the sub-advisers, who at the time were Tidal and ARGI Investment Services LLC (“ARGI”). Thus, a meeting was held on September 14, 2021 to discuss and review the Agreements with respect to the Fund. At the September 14, 2021 meeting, the Board, including the Independent Trustees, after reviewing the information provided by the Adviser and Tidal and ARGI as the sub-advisers, approved the retention of the Adviser; Tidal and ARGI as the Sub-Adviser and their respective Agreements for the initial two-year term.

Thereafter, the Board is required to hold a meeting to discuss and review the Agreements with respect to the Fund for additional one year terms following the initial approval. Prior to the end of the two year term, the Board was recently advised that ARGI has merged with and into Cerity and convened a meeting on March 15, 2023 to approve Cerity as the sub-adviser to the Fund, replacing ARGI. At the meeting on September 12, 2023, the Board reviewed and approved the Adviser, Tidal and Cerity as the Sub-Advisers, and their respective Agreement for an additional one year term. Prior to the meeting held on September 12, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Advisers regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Advisers; (ii) the Adviser’s and the Sub-Advisers’ costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Advisers; and (iii) the existence, or anticipated existence, of economies of scale. Prior to and at the meeting held on September 12, 2023, representatives from the Adviser and the Sub-Advisers, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser’s and the Sub-Advisers’ fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Advisers provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser’s and the Sub-Advisers’ oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Advisers and the personnel and resources of the Adviser and Sub-Advisers, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and the Sub-Advisers regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers to the Fund under the respective Agreement were expected to be appropriate and reasonable.

135

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.49% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Advisers had managed this Fund to the Board’s satisfaction over the course of the previous four years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Advisers, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Advisers. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Advisers on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Advisers with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Advisers as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Advisers, but that a unitary fee provides a level of certainty in expenses for the Fund.

The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s nd Sub-Advisers’ views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate. The Trustees noted that the Adviser and Sub-Advisers had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

136

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

AMPLIFY CASH FLOW DIVIDEND LEADERS ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 13, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Cash Flow Dividend Leaders ETF (the “Fund”), (2) the Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC on behalf of the Fund; and (3) the Investment Sub-Advisory Agreement between the Adviser and Kelly Strategy Management LLC (doing business as Kelly Intelligence) on behalf of the Fund (collectively, the “Agreements”). Penserra Capital Management LLC and Kelly Strategy Management LLC (doing business as Kelly Intelligence) will be hereinafter referred to collectively as the “Sub-Advisers”.

The Fund was approved by the Board and its Independent Trustees on or about June 13, 2023 for an initial two-year term. During the initial approval, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew the Agreements for an additional one-year term using the same process identified above.

On or about June 13, 2023, the Board called and held a meeting to decide whether to approve the Agreements for the initial two year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. At the June 13, 2023 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Advisers and the Agreements for the initial two-year term.

Prior to the meeting held on June 13, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Advisers regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Advisers; (ii) the Adviser and the Sub-Advisers’ costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Advisers and (iii) the existence, or anticipated existence, of economies of scale.

Prior to and at the meeting held on June 13, 2021, representatives from the Adviser and the Sub-Advisers, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Advisers’ fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Advisers provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Advisers’ oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Advisers, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Advisers regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Advisers to the Fund under the respective Agreement were expected to be appropriate and reasonable.

137

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.39% as compared to information provided by the Adviser on other similar products. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Advisers, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Advisers. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Advisers on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Advisers with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Advisers as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Advisers, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Advisers’ views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Advisers had not identified any further benefits that they would derive from their relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

138

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

AMPLIFY CASH FLOW HIGH INCOME ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 13, 2023, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Cash Flow High Income ETF (the “Fund”), (2) the Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC on behalf of the Fund; and (3) the Investment Sub-Advisory Agreement between the Adviser and Kelly Strategy Management LLC (doing business as Kelly Intelligence) on behalf of the Fund (collectively, the “Agreements”). Penserra Capital Management LLC and Kelly Strategy Management LLC (doing business as Kelly Intelligence) will be hereinafter referred to collectively as the “Sub-Advisers”.

The Fund was approved by the Board and its Independent Trustees on or about June 13, 2023 for an initial two-year term. During the initial approval, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew the Agreements for an additional one-year term using the same process identified above.

On or about June 13, 2023, the Board called and held a meeting to decide whether to approve the Agreements for the initial two-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. At the June 13, 2023 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Advisers and the Agreements for the initial two-year term.

Prior to the meeting held on June 13, 2023, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Advisers regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Advisers; (ii) the Adviser and the Sub-Advisers’ costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Advisers and (iii) the existence, or anticipated existence, of economies of scale.

Prior to and at the meeting held on June 13, 2021, representatives from the Adviser and the Sub-Advisers, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Advisers’ fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Advisers provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Advisers’ oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Advisers, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Advisers regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Advisers to the Fund under the respective Agreement were expected to be appropriate and reasonable.

139

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub
-Advisory Agreement

October 31, 2023 (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.65% as compared to information provided by the Adviser on other similar products. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Advisers, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Advisers. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Advisers on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Advisers with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Advisers as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Advisers, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Advisers’ views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Advisers had not identified any further benefits that they would derive from their relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

140

Amplify ETF Trust

  

Disclosure of Fund Expenses

October 31, 2023 (Unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs and transaction fees, which include costs for ETF management and other Fund expenses. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other funds. The examples are based on investment of $1,000 made at the beginning of the period shown and held for the periods shown below.

The table below illustrates your fund’s costs in two ways:

ACTUAL FUND RETURN

This section helps you to estimate the actual expenses after fee waivers that your fund incurred over the period shown. “Expenses Paid During Period” shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid during the period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your fund under “Expenses Paid During Period.”

HYPOTHETICAL 5% RETURN

This section helps you compare your fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the “Annualized Expense Ratio” for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your fund’s comparative cost by comparing the hypothetical result of your fund under “Expenses Paid During Period” with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your fund’s actual return — the account values shown may not apply to your specific investment.

         

Actual Fund Return

 

Hypothetical 5% Return

   

Annualized
Expense
Ratios

 

Beginning
Account Value
5/1/2023

 

Ending
Account Value
10/31/2023

 

Expenses
Paid During
Period
(a)

 

Ending
Account Value
10/31/2023

 

Expenses
Paid During
Period
(a)

YYY

 

0.50%

 

$

1,000.00

 

$

973.90

 

$

2.49

 

$

1,022.68

 

$

2.55

IBUY

 

0.65%

 

 

1,000.00

 

 

997.10

 

 

3.27

 

 

1,021.93

 

 

3.31

DIVO

 

0.55%

 

 

1,000.00

 

 

972.50

 

 

2.73

 

 

1,022.43

 

 

2.80

BLOK

 

0.70%

 

 

1,000.00

 

 

1,034.00

 

 

3.59

 

 

1,021.68

 

 

3.57

BATT

 

0.59%

 

 

1,000.00

 

 

804.40

 

 

2.68

 

 

1,022.23

 

 

3.01

SWAN

 

0.49%

 

 

1,000.00

 

 

913.50

 

 

2.36

 

 

1,022.74

 

 

2.50

EMFQ

 

0.69%

 

 

1,000.00

 

 

889.50

 

 

3.29

 

 

1,021.73

 

 

3.52

CNBS

 

0.75%

 

 

1,000.00

 

 

917.60

 

 

3.63

 

 

1,021.42

 

 

3.82

ISWN

 

0.49%

 

 

1,000.00

 

 

872.60

 

 

2.31

 

 

1,022.74

 

 

2.50

MVPS

 

0.49%

 

 

1,000.00

 

 

980.80

 

 

2.45

 

 

1,022.74

 

 

2.50

QSWN

 

0.49%

 

 

1,000.00

 

 

962.10

 

 

2.42

 

 

1,022.74

 

 

2.50

IWIN

 

0.85%

 

 

1,000.00

 

 

1,054.80

 

 

4.40

 

 

1,020.92

 

 

4.33

NDIV

 

0.59%

 

 

1,000.00

 

 

1,070.10

 

 

3.08

 

 

1,022.23

 

 

3.01

IDVO

 

0.65%

 

 

1,000.00

 

 

1,003.20

 

 

3.28

 

 

1,021.93

 

 

3.31

141

Amplify ETF Trust

  

Disclosure of Fund Expenses

October 31, 2023 (Unaudited) (Continued)

         

Actual Fund Return

 

Hypothetical 5% Return

   

Annualized
Expense
Ratios

 

Beginning
Account Value
9/12/2023(b)

 

Ending
Account Value
10/31/2023

 

Expenses
Paid During
Period
(c)

 

Ending
Account Value
10/31/2023

 

Expenses
Paid During
Period
(a)

COWS

 

0.39%

 

$

1,000.00

 

$

930.60

 

$

0.51

 

$

1,023.24

 

$

1.99

         

Actual Fund Return

 

Hypothetical 5% Return

   

Annualized
Expense
Ratios

 

Beginning
Account Value
9/19/2023(b)

 

Ending
Account Value
10/31/2023

 

Expenses
Paid During
Period
(d)

 

Ending
Account Value
10/31/2023

 

Expenses
Paid During
Period
(a)

HCOW

 

0.65%

 

$

1,000.00

 

$

948.20

 

$

0.73

 

$

1,021.93

 

$

3.31

(a)   The dollar amounts shown as expenses paid during the period are equal to the Fund’s annualized expense ratio multiplied by the average account value during the period, multiplied by 184/365 (to reflect the one-half year period).

(b)   Fund Commencement.

(c)   The dollar amount shown as expenses paid during the period for COWS is multiplied by 49/365, which is the number of days since inception divided by the number of days in the year.

(d)   The dollar amount shown as expenses paid during the period for HCOW is multiplied by 42/365, which is the number of days since inception divided by the number of days in the year.

142

Amplify ETF Trust

  

Trustees and Officers of the Trust

October 31, 2023 (Unaudited)

The following chart lists Trustees and Officers as of October 31, 2023.

Set forth below are the names, ages, addresses, position with the Trust, term of office and length of time served, the principal occupations during the past five years, number of portfolios in fund complex overseen by the trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-855-267-3837. Furthermore, you can obtain the SAI by accessing the Commission’s website at www.sec.gov or by accessing the Funds’ website at www.amplifyetfs.com.

Name, Address, and Year of Birth

 

Position and
Offices with
the Trust

 

Term of Office
and Year First
Elected or
Appointed

 

Principal Occupations
During Past 5 Years

 

Number of
Portfolios in
Fund Complex
Overseen By
Trustee

 

Other Directorships
held by Trustee
During Past 5 Years

Interested Trustees

 

 

 

 

 

 

 

 

 

 

Christian Magoon(1)
c
/o Amplify Investments LLC
3333 Warrenville Road Suite 350
Lisle, IL 60532
Y.O.B.: 1974

 

Chairman of
the Board of
Trustees; Chief
Executive
Officer and
President

 

Indefinite term
Since January 2015

 

Chief Executive Officer,
Magoon Capital (2010 –
present); Chief Executive
Officer, YieldShares, LLC
(2013 – present); Chief
Executive Officer,
Amplify Invesments LLC
(2015 – present); President,
Amplify Investments LLC
(2015 – 2018)

 

16

 

None

Independent Trustees

 

 

 

 

 

 

 

 

 

 

Michael DiSanto
c
/o Amplify Investments LLC
3333 Warrenville Road Suite 350
Lisle, IL 60532
Y.O.B.: 1979

 

Trustee

 

Indefinite term
Since January 2015

 

Attorney, City of Naperville,
Illinois (2007 – present);
member, Elder board of the
Compass Church, (2013 – present);

 

16

 

None

Rick Powers
c
/o Amplify Investments LLC
3333 Warrenville Road Suite 350
Lisle, IL 60532
Y.O.B.: 1957

 

Trustee

 

Indefinite term
Since January 2015

 

Director, Department of
Public Works, City of Peoria,
Illinois (2019 – Present);
Deputy Commissioner,
Transportation, State of
Indiana (2014 – 2019);

 

16

 

None

Mark Tucker
c
/o Amplify Investments LLC
3333 Warrenville Road
Suite 350
Lisle, IL 60532
Y.O.B.: 1963

 

Trustee

 

Indefinite term
Since January 2015

 

Sole member, Aspen Equity
Partners, LLC (2009 – present);
New Liberty Popcorn, LLC (2015 –
2021)

 

16

 

None

143

Amplify ETF Trust

  

Trustees and Officers of the Trust

October 31, 2023 (Unaudited) (Continued)

Name, Address, and Year of Birth

 

Position and
Offices with
the Trust

 

Term of Office
and Year First
Elected or
Appointed

 

Principal Occupations
During Past 5 Years

 

Other Directorships Held

Officers of the Trust

 

 

 

 

 

 

 

 

Ed Keiley
c
/o Amplify Investments LLC
3333 Warrenville Road
Suite 350
Lisle, IL 60532
Y.O.B.: 1965

 

Chief
Compliance
Officer

 

Indefinite term
Since January 2015

 

Chief Compliance Officer, Amplify
Investments
LLC (2016 – present); Trader
Compliance, Inc. (2003 – present)

 

N/A

Bradley H. Bailey
c
/o Amplify Investments LLC
3333 Warrenville Road
Suite 350
Lisle, IL 60532
Y.O.B.: 1967

 

Chief Financial Officer

 

Indefinite term
2016

 

Chief Financial Officer, Amplify Investments LLC
(2016 – present)

 

N/A

William H. Belden
c
/o Amplify Investments LLC
3333 Warrenville Road
Suite 350
Lisle, IL 60532
Y.O.B.: 1965

 

Vice President

 

Indefinite term
2020

 

President, Amplify Investments LLC
(2018 – present)

 

N/A

David Wilding
c/o Amplify Investments LLC
3333 Warrenville Road
Suite 350
Lisle, IL 60532
Y.O.B.: 1965

 

Secretary

 

Indefinite term
2023

 

Chief Operating Officer, Amplify Investments LLC (2023 – present); General Counsel/Chief Compliance Officer, Performance Trust Captial Partners, LLC/PT Assessment, LLC (1996 – 2022)

 

N/A

(1)   Mr. Magoon is deemed an “interested person” of the Trust due to his position as Chief Executive Officer of Amplify Investments LLC and Chief Executive Officer and President of the Trust.

144

Amplify ETF Trust

  

Additional Information

October 31, 2023 (Unaudited)

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year/period ended October 31, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.5%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

       

YYY

 

13.84%

 

IBUY

 

0.00%

 

DIVO

 

98.82%

 

BLOK

 

0.00%

 

BATT

 

81.48%

 

SWAN

 

0.00%

 

EMFQ

 

85.80%

 

CNBS

 

0.00%

 

ISWN

 

0.00%

 

MVPS

 

0.00%

 

QSWN

 

0.00%

 

IWIN

 

78.94%

 

NDIV

 

100.0%

 

IDVO

 

100.0%

 

COWS

 

87.28%

 

HCOW

 

0.00%

 

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year/period ended October 31, 2023 was as follows:

       

YYY

 

0.99%

 

IBUY

 

0.00%

 

DIVO

 

98.89%

 

BLOK

 

0.00%

 

BATT

 

0.59%

 

SWAN

 

0.00%

 

EMFQ

 

0.00%

 

CNBS

 

0.00%

 

ISWN

 

0.00%

 

MVPS

 

0.00%

 

QSWN

 

0.00%

 

IWIN

 

76.39%

 

NDIV

 

51.13%

 

IDVO

 

2.78%

 

COWS

 

87.28%

 

HCOW

 

0.00%

 

145

Amplify ETF Trust

  

Additional Information

October 31, 2023 (Unaudited) (Continued)

Short Term Capital Gains

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:

       

YYY

 

0.00%

 

IBUY

 

0.00%

 

DIVO

 

0.00%

 

BLOK

 

0.00%

 

BATT

 

0.00%

 

SWAN

 

0.00%

 

EMFQ

 

0.00%

 

CNBS

 

0.00%

 

ISWN

 

0.00%

 

MVPS

 

0.00%

 

QSWN

 

0.00%

 

IWIN

 

0.00%

 

NDIV

 

0.00%

 

IDVO

 

0.00%

 

COWS

 

0.00%

 

HCOW

 

0.00%

 

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue Code, the Fund designates the following amount as foreign taxes paid for the year ended October 31, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

 

Credible Foreign
Taxes Paid

 

Per Share
Amount

 

Portion of Ordinary
Income Distribution
Derived from Foreign
Sourced Income

BATT

 

$

190,935

 

$

0.2492

 

99.01%

EMFQ

 

 

2,711

 

 

0.4397

 

100.00%

IDVO

 

 

71,223

 

 

0.6318

 

100.00%

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

146

Amplify ETF Trust

  

Supplemental Information

October 31, 2023 (Unaudited)

DISTRIBUTION OF PREMIUMS AND DISCOUNTS

NAV is the price per share at which the Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the composite closing price each day. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available, without charge, on the Fund’s website at www.amplifyetfs.com.

INFORMATION ABOUT THE TRUSTEES

The Statement of Additional Information (“SAI”) includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 1-855-267-3837. Furthermore, you can obtain the SAI by accessing the Commission’s website at www. sec.gov or by accessing the Fund’s website at www.amplifyetfs.com.

DELIVERY OF SHAREHOLDER DOCUMENTS—HOUSEHOLDING

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of the prospectus and other shareholder documents, please contact your broker-dealer. If you currently are enrolled in householding and wish to change your householding status, please contact your broker-dealer.

147

Amplify ETF Trust

  

Privacy Policy

October 31, 2023 (Unaudited)

AMPLIFY ETFS AND AMPLIFY AFFILIATES PRIVACY POLICY

Amplify recognizes the importance of protecting your personal and financial information when you visit our websites (each a “Website” and together “Websites”). This Policy is designed to help you understand the information collection practices on all Websites owned or operated by or on behalf of companies within the Amplify group of companies, including: Amplify Investments LLC, Amplify Development LLC, and Amplify Holding Company LLC. We are committed to:

(a) protecting the personal information you provide to us;

(b) telling you how we use the information we gather about you; and

(c) ensuring that you know why we intend to disclose your personal information.

CHANGES TO THIS PRIVACY POLICY

This Privacy Policy is dated January 1, 2016. Amplify reserves the right to amend this Privacy Policy at any time without notice, by updating this posting, in which case the date of the Policy will be revised. The current version of this Policy can be accessed from the link on the www.amplifyetfs.com homepage.

INFORMATION COLLECTION AND USE

Personally Identifiable Information: The personally identifiable information you submit to our Websites is used to service your interest and to improve our services to you and/or to provide you with information on Amplify products and services. The types of personal information that may be collected at our Websites include: name, address, email address and telephone number. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy.

Additionally, if the Website is a password protected site, then (a) once you submit your password and enter, the Website will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from the Website may be associated with other identifying information that we have about you.

Aggregate Information: We generally record certain usage information, such as the number and frequency of visitors to our Websites. This information may include the websites that you access immediately before and after your visit to our Websites, the Internet browser you are using and your IP address. If we use such data at all it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.

Service Providers: We may use internal or external service providers to operate our Websites and employ other persons to perform work on our behalf, such as sending postal mail and e-mail. These persons may have access to the personally identifiable information you submit through the Websites, but only for the purpose of performing their duties. These personnel may not use your personally identifiable information for any other purpose.

Compliance with Laws: We do not automatically collect personally identifiable information from visitors to our Websites, except to the extent we are required to do so pursuant to some statute or regulation applicable to us. We will not provide any personally identifiable information to any other persons, except if we are required to make disclosures by any law, any government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding.

E-mail and Marketing: Amplify does not sell its customers’ e-mail addresses, nor will we provide your personal information to third parties for their marketing purposes. Amplify will not send you e-mail messages without first receiving your permission, unless it relates to servicing your account or unless you have consented to receiving electronic delivery of fund documents as part of our E-Delivery service. It is our policy to include instructions for unsubscribing from these permission-based programs. We recommend that you do not send us any individual personal information via non secure methods of correspondence, including via public electronic communication channels, such as Internet e-mail, which are generally not secure.

148

Amplify ETF Trust

  

Privacy Policy

October 31, 2023 (Unaudited) (Continued)

Business Transfers: If the business, stock or assets of Amplify are acquired or merged with another business entity, we will share all or some of your information with this entity to continue to provide our service to you. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you may decline such use at such time.

Disclosure to Third Parties: The personal information you provide to us will only be disclosed to third parties if we have your permission, or as set out in this Privacy Policy. We may disclose details about the general use of our Websites to third parties – for example, to demonstrate patterns of use to advertisers and other business partners. Information we pass on for this purpose will not include any personal information by which you may be identified. We endeavor to prevent unauthorized disclosures of your personal information by third parties but we are not responsible for any unauthorized disclosures or other breaches of security or for the actions of others if the information was passed to them with your authority or with the authority of anyone other than us or our group companies.

COOKIES

What are Cookies?

Cookies are small text files that are stored in your computer’s memory and hard drive when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website.

Why Do We Use Cookies?

Cookies help us to provide customized services and information. We use cookies on all our Websites to tell us, in general terms, how and when pages in our Websites are visited, what our users’ technology preferences are – such as what type of video player they use – and whether our Websites are functioning properly.

If you are using one of our password-protected sites, then the website may use cookies or other technology to help us authenticate you, store and recognize your configuration and user attributes, facilitate your navigation of the website and customize its content so that the information made available is likely to be of more interest to you.

In broad terms, we use cookies on our Websites for the following purposes:

     Analytical purposes: Analytical cookies allow us to recognize measure and track visitors to our Websites. This helps us to improve and develop the way our Websites work, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.

     Usage preferences: Some of the cookies on our Websites are activated when visitors to our sites make a choice about their usage of the site. Our Websites then ‘remember’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.

     Terms and conditions: We use cookies on our Websites to record when a site visitor has seen a policy, such as this one, or provided consent, such as consent to the terms and conditions on our Websites. This helps to improve the user’s experience of the site – for example, it avoids a user from repeatedly being asked to consent to the same terms.

     Session management: The software that runs our websites uses cookies for technical purposes needed by the internal workings of our servers. For instance, we use cookies to distribute requests among multiple servers, authenticate users and determine what features of the site they can access, verify the origin of requests, keep track of information about a user’s session and determine which options or pages to display in order for the site to function.

     Functional purposes: Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.

149

Amplify ETF Trust

  

Privacy Policy

October 31, 2023 (Unaudited) (Continued)

Further Information About Cookies

If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.

THIRD PARTY WEBSITES

Amplify disclaims responsibility for the privacy policies and customer information practices of third party internet websites hyperlinked from our Website or this Privacy Policy.

SECURITY

Amplify protects your personal information when you transact business on our Website by requiring the use of a browser software program that supports industry standard SSL encryption with 128-bit key lengths. The “128-bit” designation refers to the length of the key used to encrypt the data being transmitted, with a longer key representing a higher level of security.

CONTACT US

We welcome inquiries or comments about our Privacy Policy and any queries or concerns about Amplify ETFs at [email protected] or 1-855-267-3837.

150

Investment Adviser:

Amplify Investments LLC
3333 Warrenville Road, Suite 350
Lisle, IL 60532

Investment Sub-Advisers:

Penserra Capital Management, LLC
4 Orinda Way, Suite 100
-A
Orinda, CA 94563

     

Capital Wealth Planning
1016 Collier Center Way
Naples, FL 34110

Tidal Investments, LLC
234 W. Florida St., Suite 203
Milwaukee, WI 53204

     

Cerity Partners LLC
335 Madison Avenue, 23
rd Floor
New York, NY 10017

Seymour Asset Management LLC
1 Old Point Road
Quogue, New York 11959

     

Kelly Strategic Management, LLC
7887 East Belleview Avenue, Suite 1100
Denver, CO 80111

Legal Counsel:

Chapman and Cutler LLP
111 West Monroe Street
Chicago, IL 60603

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202

Distributor:

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101

Administrator:

U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue
Milwaukee, WI 53202

Transfer Agent:

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Custodian:

U.S. Bank National Association
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212

This information must be preceded or accompanied by a current prospectus for the Funds.